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In India, the Income Tax Act provides various taxation schemes to ease the compliance burden on specific industries. One such scheme, specifically tailored for qualifying shipping companies, is the tonnage…
The Income Tax Act of India contains numerous provisions to ensure that businesses across various sectors are taxed appropriately. For companies operating in the shipping sector, the tonnage tax scheme…
The Indian Income Tax Act, 1961, offers several specific provisions for various sectors, and the tonnage tax regime for shipping companies is one of the most significant. Section 115VN deals…
The Tonnage Tax Scheme under Chapter XII-G of the Income Tax Act offers significant benefits to companies in the shipping industry, providing a unique way to calculate taxable income based…
The Income Tax Act provides several special provisions for different businesses, and one such provision is the tonnage tax scheme under Chapter XII-G, which is applicable to companies operating qualifying…
The Indian Income Tax Act provides various provisions and schemes to ensure a fair and transparent method of taxation. One such scheme is the Tonnage Tax Scheme under Chapter XII-G…
The Income Tax Act provides a special scheme called the tonnage tax scheme, specifically designed for shipping companies. This scheme allows qualifying companies to calculate their taxable income based on…
The shipping industry plays a vital role in international trade and economic growth. Recognizing the need for a simplified taxation regime to promote this sector, the Indian government introduced the…
The Income Tax Act, 1961, contains various provisions that simplify the tax calculation for industries with specific operational structures. One such provision is Section 115VH, which applies to the shipping…
Shipping companies that operate qualifying ships can opt for the tonnage tax scheme, which simplifies the process of calculating income tax. Section 115VG of the Income Tax Act lays down…