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

Exclusion from provisions of section 115JB and Computation of profits and gains from the business of operating qualifying ships are defined under sections 115VO and 115VA of Income Tax Act 1961. Provisions under these Sections are :

Section 115VO of Income Tax Act "Exclusion from provisions of section 115JB"

Section 115V-O. The book profit or loss derived from the activities of a tonnage tax company, referred to in sub-section (1) of section 115V-I, shall be excluded from the book profit of the company for the purposes of section 115JB.

 

Section 115VA of Income Tax Act "Computation of profits and gains from the business of operating qualifying ships"
Section 115VA. Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of this Chapter and such income shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profits and gains of business or profession".

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