The shipping industry plays a pivotal role in global trade, and the Indian government, recognizing its significance, has implemented specific provisions under the Income Tax Act to provide beneficial tax…
The Income Tax Act of India offers several special provisions for businesses, especially those operating in specific sectors like shipping. Two critical sections, 115VY and 115VZ, outline how the tonnage…
The tonnage tax scheme, introduced under the Income Tax Act, provides a simplified and advantageous taxation system for companies involved in the shipping business. Section 115VW outlines the requirements for…
The tonnage tax scheme is a beneficial tax structure for shipping companies, allowing them to pay tax based on the tonnage capacity of their vessels rather than actual income. However,…
In India, the shipping industry can benefit from a specialized taxation scheme known as the Tonnage Tax Scheme. This scheme allows shipping companies to be taxed based on the tonnage…
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 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…