in computing the depreciation allowances under section 32, the written down value of any assets used for the tonnage tax business shall be computed believing that the company has claimed and has been granted the deduction in respect of depreciation for the relevant previous years.<\/span><\/li>\n<\/ul>\nSection 115VM:<\/b> Exclusion of Loss<\/b><\/h2>\n
Section 72 (<\/span>Carry forward and set off of business losses)<\/b>\u00a0shall apply in respect of any losses that have accrued to a company before its opting for tonnage tax scheme and which are attributable to its tonnage tax business as if such losses had been set off against the related shipping income in any previous year when the company is under the tonnage tax scheme.<\/span><\/p>\nSection 115JB:<\/b> Exclusion from the provision of MAT<\/b><\/h2>\n
The book profit or loss that arose from the activities of a tonnage tax company, from the qualifying ships, shall be eliminated from the book profit of the company for section 115JB.<\/span><\/p>\nSection 115VQ: Period for which tonnage tax option can be taken<\/b><\/h2>\n\n- An option for tonnage tax scheme after the approval shall apply for a period of ten years from the date on which such option has been used and shall be taken into account from the assessment year relevant to the previous year in which such option is implemented.<\/span><\/li>\n
- An option for tonnage scheme shall discontinue affecting the assessment year relevant to the previous year in which-<\/span>\n
\n- the qualifying company cease to be qualifying company;<\/span><\/li>\n
- default is made in complying with the provision regarding the transfer of profit to Tonnage Tax Reserve Account and minimum training requirement for tonnage company;<\/span><\/li>\n
- the qualifying company provides the Assessing officer, a declaration in writing stating that the provision of this chapter may not apply to it;<\/span><\/li>\n
- the tonnage tax company is suspended from the tonnage tax scheme under section 115VZC.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
So, the profit and gain of the company derived from the business of operating qualifying ships are computed under the other provisions of this Act.<\/span><\/p>\nSection 115VT:<\/b> Transfer of profit to Tonnage Tax Reserve Account<\/b><\/h2>\n
An amount not less than 20% (percent) of the book profit reaped from the business of qualifying ships shall be credited to the Tonnage Tax Reserve Account.<\/span><\/p>\nFurther, it is required to keep a note that the amount credited to the Tonnage Tax Reserve Account shall be used by the company before the expiry of a period of next eight years following the previous year in which the amount was credited-<\/span><\/p>\n\n- \u00a0for acquiring a new ship for the business of the company; and<\/span><\/li>\n
- until the acquisition of a new ship, for the business of operating qualifying ships other than for distribution by way of dividends or profits or remittance outside India as profits or the formulation of any asset outside India.<\/span><\/li>\n<\/ul>\n
Section 115VU:<\/b> Minimum Training requirement for Tonnage Tax Company.<\/b><\/h2>\n
A tonnage tax company shall comply with the minimum training requirement specified by the Director-General of Shipping and notified in the official Gazette by the Central Government.<\/span><\/p>\nIf the minimum training requirement is not exercised for any five consecutive previous years, the option of the company for tonnage tax scheme shall discontinue having effect from the start of the previous year following the fifth consecutive previous year in which the failure to comply with the minimum training requirement had happened.<\/span><\/p>\nSection 115VZB<\/b>: <\/span>Avoidance of Tax<\/b><\/h2>\n\n- The tonnage tax scheme shall not apply where a tonnage tax company by way of any transaction or arrangement tries to misuse the tonnage tax scheme.<\/span><\/li>\n
- A transaction or arrangement shall be considered a misuse if the entering into or the application of such transaction or arrangement result or resulted, in a tax advantage being gained for-<\/span>\n
\n- a person other than tonnage company; or<\/span><\/li>\n
- a tonnage tax company in respect of its non-tonnage tax activities.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Section 115VZC:<\/b> Exclusion from Tonnage Scheme<\/b><\/h2>\n\n- Where a tonnage tax company is a party to any transaction or arrangement referred to in section 115VZB (<\/span>Operating ships.)<\/b>, the Assessing Officer shall, by an order in writing exclude such company from the tonnage tax scheme.<\/span><\/li>\n
- An opportunity shall be given by the Assessing Officer to the assessee by serving a notice calling upon such company to show cause on a date and time as specified in the notice that why it should not be removed from the tonnage tax scheme<\/span><\/li>\n
- Also, no order shall be passed without the previous approval of the Principal Chief Commissioner\/Chief Commissioner.<\/span><\/li>\n
- However, this section shall not apply where the company satisfies the Assessing Officer that the transaction was a legitimate commercial transaction and had not been entered into to obtain a tax advantage.<\/span><\/li>\n
- Where an order is passed by the Assessing Officer excluding the tonnage tax company from the tonnage tax scheme, the option for tonnage tax scheme shall discontinue being in force from the first day of the previous year in which the transaction was entered.<\/span><\/li>\n<\/ul>\n
Conclusion<\/b><\/h2>\n
The Government has launched the Tonnage Tax System for taxation of income obtained from shipping activities by an Indian Company. This Scheme is optional for a qualifying Indian shipping company like you can opt for it if you think it suits you. After satisfying some conditions a company is qualified to enter under the scheme. A company is required to have at least one qualifying ship to be eligible for Tonnage Tax Scheme, and that the business of the qualifying ship has to be managed as a separate business. Separate accounts must be kept for the same.<\/span><\/p>\nMany of us have doubts regarding tonnage tax scheme that is why this article is here for better understanding of this scheme of taxation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"A tonnage tax is a taxation mechanism that can be applied to shipping companies. In this method, the tax is […]<\/p>\n","protected":false},"author":4,"featured_media":16592,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[69],"tags":[],"yoast_head":"\n
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