Section 225 — Income from business of operating qualifying ships
Old Act equivalent: Section 115VA of IT Act 1961 Sub-part: G—Special provisions relating to income of shipping companies
Statutory Text
- Irrespective of anything contained in sections 26 to 54 (except 50 and 53), in the case of a company, the income from the business of operating qualifying ships—
(a) may, at its option, be computed as per provisions of this Part; and
(b) such income shall be deemed to be the profits and gains of such busi ness chargeable to tax under the head “Profits and gains of business or profession”. Tonnage tax scheme.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Qualifying company operating qualifying ships.
- Conditions: Profits from core and incidental activities of operating qualifying ships deemed as tonnage income.
- Time limits: None.
- Monetary limits: Tonnage income computed under section 227.
- Exceptions: Only income from operating qualifying ships covered; other business income taxed normally.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.