Section 115V-I of ITA, 1961 : Section 115V-I: Relevant Shipping Income
ITA, 1961
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Explanation using Example
Imagine a company, Oceanic Liners Ltd., that operates a fleet of cargo ships and has opted for the tonnage tax scheme under the Income-tax Act, 1961. The company's core activities include operating its qualifying ships on international routes and entering into shipping contracts such as pooling arrangements and contracts of affreightment.
For the financial year, Oceanic Liners Ltd. earned profits from its core activities, such as transporting goods across the globe. Additionally, the company earned income from incidental activities, such as leasing out containers and providing on-bo...
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