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

Determination of tonnage and Amalgamation are defined under sections 115VX and 115VY of Income Tax Act 1961. Provisions under these Sections are :

Section 115VX of Income Tax Act "Determination of tonnage"

Section 115VX. (1) For the purposes of this Chapter,-
(a) the tonnage of a ship shall be determined in accordance with the valid certificate indicating its tonnage;
(b) "valid certificate" means,-
(i) in case of ships registered in India-
(a) having a length of less than twenty-four metres, a certificate issued under the Merchant Shipping (Tonnage Measurement of Ship) Rules, 1987 made under the Merchant Shipping Act, 1958 (44 of 1958);

 

(b) having a length of twenty-four metres or more, an international tonnage certificate issued under the provisions of the Convention on Tonnage Measurement of Ships, 1969, as specified in the Merchant Shipping (Tonnage Measurement of Ship) Rules, 1987 made under the Merchant Shipping Act, 1958 (44 of 1958);

(ii) in case of ships registered outside India, a licence issued by the Director-General of Shipping under section 406 or section 407 of the Merchant Shipping Act, 1958 (44 of 1958) specifying the net tonnage on the basis of Tonnage Certificate issued by the Flag State Administration where the ship is registered or any other evidence acceptable to the Director-General of Shipping produced by the ship owner while seeking permission for chartering in the ship.

Section 115VY of Income Tax Act "Amalgamation"

Section 115VY. Where there has been an amalgamation of a company with another company or companies, then, subject to the other provisions of this section, the provisions relating to the tonnage tax scheme shall, as far as may be, apply to the amalgamated company if it is a qualifying company:

Provided that where the amalgamated company is not a tonnage tax company, it shall exercise an option for tonnage tax scheme under sub-section (1) of section 115VP within three months from the date of the approval of the scheme of amalgamation:

Provided further that where the amalgamating companies are tonnage tax companies, the provisions of this Chapter shall, as far as may be, apply to the amalgamated company for such period as the option for tonnage tax scheme which has the longest unexpired period continues to be in force:

Provided also that where one of the amalgamating companies is a qualifying company as on the 1st day of October, 2004 and which has not exercised the option for tonnage tax scheme within the initial period, the provisions of this Chapter shall not apply to the amalgamated company and the income of the amalgamated company from the business of operating qualifying ships shall be computed in accordance with the other provisions of this Act.

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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