Section 115VE of ITA, 1961 : Section 115Ve: Manner Of Computation Of Income Under Tonnage Tax Scheme
ITA, 1961
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Explanation using Example
Imagine a company, Oceanic Cargo Ltd., operates a fleet of ships that transport goods across international waters. Under Section 115VE of the Income-tax Act, 1961, Oceanic Cargo Ltd. has the option to compute its profits from the shipping business under the tonnage tax scheme, which is a special taxation regime based on the ship's tonnage (its size or carrying capacity) rather than actual profits.
By choosing the tonnage tax scheme, Oceanic Cargo Ltd....
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