(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 prescribed, for such scheme.(2) A qualifying company may make an application within three months, of the date of its incorporation, or of the date on […]

(1) A tonnage tax company shall, subject to and as per the provisions of this section, be required to credit to a reserve account (herein referred to as the Tonnage Tax Reserve Account) an amount, being 20% or more of the book profit derived from the activities referred to in section 228(1)(a) and (b) in

(1) Where there has been an amalgamation of a company with another company or companies, then, subject to the other provisions of this section, the provisions relating to the tonnage tax scheme shall, as far as may be, apply to theamalgamated company, if it is a qualifying company.(2) Where the amalgamated company is not a

(1) Subject to the provisions of this Part, the tonnage tax scheme shall not apply where a tonnage tax company is a party to any transaction or arrangement which amounts to an abuse of the tonnage tax scheme. (2) For the purposes of sub-section (1), a transaction or arrangement shall be considered an abuse, if

In this Part,—(a) “bareboat charter” means hiring of a ship or inland vessel, as the case may be, for a stipulated period on terms which give the charterer possession and control of the ship or new inland vessel, as the case may be, including the right to appoint the master and crew;(b) “bareboat charter-cum-demise” means

For the purposes of this Act, there shall be the following classes of income-tax authorities:—(a) the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963;(b) Principal Directors General of Income-tax or Principal Chief Commissioners of Income-tax;(c) Directors General of Income-tax or Chief Commissioners of Income-tax;(d) Principal Directors of Income-tax or

(1) The Central Government may appoint such persons as it thinks fit to be income-tax authorities.(2) The Central Government may, subject to the rules and its orders regulating the conditions of service of persons in public services and posts, authorise the Board, or a Principal Director General or Director General, or a Principal Chief Commissioner

The Board may, by notification, direct that any income-tax authority or authorities specified in the notification shall be subordinate to such other income-tax authority or authorities as specified in such notification.

(1) The Board may issue such orders, instructions and directions to other income-tax authorities as it considers fit for the proper administration of this Act, and such authorities and all other persons employed in the execution of this Act shall observe and follow such orders, instructions and directions.(2) No orders, instructions or directions under sub-section