Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Various Acts & Rules »
Open DEMAT Account in 24 hrs
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
 Customs Tariff 2009-10 - PART-II - Chapter 91 - Clocks and watches and parts thereof
 Customs Tariff 2009-10 - PART-II - Chapter 90 - Optical, photographic, cinematographic, measuring
 Customs Tariff 2009-10 - PART-II - Chapter 89 - Ships, boats and floating structures
 Customs Tariff 2009-10 - PART-II - Chapter 88 - Aircraft, spacecraft, and parts thereof

Income-Tax Act - Section No. 115VP
September, 07th 2010

C.—Procedure for option of tonnage tax scheme

Method and time of opting for tonnage tax scheme.

115VP. (1) A qualifying company may opt for the tonnage tax scheme by making an application to the Joint Commissioner having jurisdiction over the company in the form and manner as may be prescribed46, for such scheme.

(2) The application under sub-section (1) may be made by any existing qualifying company at any time after the 30th day of September, 2004 but before the 1st day of January, 2005 (hereafter referred to as the “initial period”):

Provided that—

           (i)  a company incorporated after the initial period; or

          (ii)  a qualifying company incorporated before the initial period but which becomes a qualifying company for the first time after the initial period,

may make an application within three months of the date of its incorporation or the date on which it became a qualifying company, as the case may be.

(3) On receipt of an application for option for tonnage tax scheme under sub-section (1), the Joint Commissioner may call for such information or documents from the company as he thinks necessary in order to satisfy himself about the eligibility of the company and after satisfying himself about such eligibility of the company to make such option for tonnage tax scheme, he—

           (i)  shall pass an order in writing approving the option for tonnage tax scheme; or

          (ii)  shall, if he is not so satisfied, pass an order in writing refusing to approve the option for tonnage tax scheme,

and a copy of such order shall be sent to the applicant:

Provided that no order under clause (ii) shall be passed unless the applicant has been given a reasonable opportunity of being heard.

(4) Every order granting or refusing the approval of the option for tonnage tax scheme under clause (i) or clause (ii), as the case may be, of sub-section (3) shall be passed before the expiry of one month from the end of the month in which the application was received under sub-section (1).

(5) Where an order granting approval is passed under sub-section (3), the provisions of this Chapter shall apply from the assessment year relevant to the previous year in which the option for tonnage tax scheme is exercised.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting