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What is Operating ships? What is Qualifying company? Section 115VB and 115VC of Income Tax Act 1961

Operating ships and Qualifying company are defined under sections 115VB and 115VC of Income Tax Act 1961. Provisions under these Sections are :

Section 115VB of Income Tax Act "Operating ships"

Section 115VB. For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates any ship whether owned or chartered by it and includes a case where even a part of the ship has been chartered in by it in an arrangement such as slot charter, space charter or joint charter :

Provided that a company shall not be regarded as the operator of a ship which has been chartered out by it on bareboat charter-cum-demise terms or on bareboat charter terms for a period exceeding three years.

 

Section 115VC of Income Tax Act "Qualifying company"
Section 115VC. For the purposes of this Chapter, a company is a qualifying company if-

(a) it is an Indian company;

(b) the place of effective management of the company is in India;

(c) it owns at least one qualifying ship; and

(d) the main object of the company is to carry on the business of operating ships.

Explanation.-For the purposes of this section, "place of effective management of the company" means-

(A) the place where the board of directors of the company or its executive directors, as the case may be, make their decisions; or

(B) in a case where the board of directors routinely approve the commercial and strategic decisions made by the executive directors or officers of the company, the place where such executive directors or officers of the company perform their functions.

Income Tax Act 1961

What is Conversion of an Indian branch of foreign company into subsidiary Indian company? Section 115JG of Income Tax Act 1961

What is Interest payable for non-payment of tax by domestic companies? When company is deemed to be in default? Section 115P and 115Q of Income Tax Act 1961

What is Tax on distributed income to shareholders Interest payable for non-payment of tax by company? Section 115QA and 115QB of Income Tax Act 1961

What is When company is deemed to be assessee in default Tax on distributed income to unit holders? Section 115QC and 115R of Income Tax Act 1961

What is Interest payable for non-payment of tax? What is the meaning of Unit Trust of India or Mutual Fund to be an assessee in default? Section 115S and 115T of Income Tax Act 1961

What is Tax on distributed income to investors? What is Interest payable for non-payment of tax? Section 115TA and 115TB of Income Tax Act 1961

What is Securitisation trust to be assessee in default? What is Tax on income in certain cases? Section 115TC and 115U of Income Tax Act 1961

What is Tax on income of unit holder and business trust? What  is Tax on income of investment fund and its unit holders? Section 115UA and 115UB of Income Tax Act 1961

What are Definitions? What is Relevant shipping income? Section 115V and 115V I of Income Tax Act 1961

What is Exclusion from provisions of section 115JB? What is Computation of profits and gains from the business of operating qualifying ships? Section 115VO and 115VA of Income Tax Act 1961

What is Operating ships? What is Qualifying company? Section 115VB and 115VC of Income Tax Act 1961

What is Qualifying ship? What is Manner of computation of income under tonnage tax scheme? Section 115VD and 115VE of Income Tax Act 1961

What is Tonnage income? What is Computation of tonnage income? Section 115VF and 115VG of Income Tax Act 1961

What is Calculation in case of joint operation, etc? What is Treatment of common costs? Section 115VH and 115VJ of Income Tax Act 1961

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