www.Aaptaxlaw.com
 
 
 

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

Calculation in case of joint operation, etc and Treatment of common costs are defined under sections 115VH and 115VJ of Income Tax Act 1961. Provisions under these Sections are :

Section 115VH of Income Tax Act "Calculation in case of joint operation, etc"

Section 115VH. (1) Where a qualifying ship is operated by two or more companies by way of joint interest in the ship or by way of an agreement for the use of the ship and their respective shares are definite and ascertainable, the tonnage income of each such company shall be an amount equal to a share of income proportionate to its share of that interest.

(2) Subject to the provisions of sub-section (1), where two or more companies are operators of a qualifying ship, the tonnage income of each company shall be computed as if each had been the only operator.

 

 

Section 115VJ of Income Tax Act "Treatment of common costs"
Section 115VJ. (1) Where a tonnage tax company also carries on any business or activity other than the tonnage tax business, common costs attributable to the tonnage tax business shall be determined on a reasonable basis.

(2) Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax business by the tonnage tax company, depreciation on such asset shall be allocated between its tonnage tax business and other business on a fair proportion to be determined by the Assessing Officer, having regard to the use of such asset for the purpose of the tonnage tax business and for the other business.

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

Home     About Us     Privacy Policy     Disclaimer    Contact Us  Sitemap