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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.

   
 

Income Tax Act 1961

What is Depreciation? What is General exclusion of deduction and set off, etc? Section 115VK and 115VL of Income Tax Act 1961

What is Exclusion of loss? What is Chargeable gains from transfer of tonnage tax assets? Section 115VM and 115VN of Income Tax Act 1961

What is Method and time of opting for tonnage tax scheme? What is Period for which tonnage tax option to remain in force? Section 115VP and 115VQ of Income Tax Act 1961

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

What is Transfer of profits to Tonnage Tax Reserve Account? What is Minimum training requirement for tonnage tax company? Section 115VT and 115VU of Income Tax Act 1961

What is Limit for charter in of tonnage? What is Maintenance and audit of accounts? Section 115VV and 115VW of Income Tax Act 1961

What is Determination of tonnage Amalgamation? Section 115VX and 115VY of Income Tax Act 1961

What is Demerger? What is the Effect of temporarily ceasing to operate qualifying ships? Section 115VZ and 115VZA of Income Tax Act 1961

What is Avoidance of tax? What is Exclusion from tonnage tax scheme? Section 115VZB and 115VZC of Income Tax Act 1961

What are the Definitions of Fringe Benefit? What is Charge of fringe benefit tax? Section 115W and 115WA of Income Tax Act 1961

What are Fringe benefits? What is Value of fringe benefits? Section 115WB and 115WC of Income Tax Act 1961

What is Return of fringe benefits? What is fringe benefits Assessment? Section 115WD and 115WE of Income Tax Act 1961

What is Best judgment assessment? What is Fringe benefits escaping assessment? Section 115WF and 115WG of Income Tax Act 1961

What is Issue of notice where fringe benefits have escaped assessment? What is the method of Payment of fringe benefit tax? Section 115WH and 115WI of Income Tax Act 1961

 

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