What is Renewal of tonnage tax scheme? What is Prohibition to opt for tonnage tax scheme in certain cases? Section 115VR and 115VS of Income Tax Act 1961

Renewal of tonnage tax scheme and Prohibition to opt for tonnage tax scheme in certain cases are defined under sections 115VR and 115VS of Income Tax Act 1961. Provisions under these Sections are :

Section 115VR of Income Tax Act "Renewal of tonnage tax scheme"

Section 115VR. (1) An option for tonnage tax scheme approved under sub- section (3) of section 115VP may be renewed within one year from the end of the previous year in which the option ceases to have effect.

(2) The provisions of sections 115VP and 115VQ shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option for tonnage tax scheme.

 

Section 115VS of Income Tax Act "Prohibition to opt for tonnage tax scheme in certain cases"

Section 115VS. A qualifying company, which, on its own, opts out of the tonnage tax scheme or makes a default in complying with the provisions of section 115VT or section 115VU or section 115VV or whose option has been excluded from tonnage tax scheme in pursuance of an order made under sub-section (1) of section 115VZC, shall not be eligible to opt for tonnage tax scheme for a period of ten years from the date of opting out or default or order, as the case may be.

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