Qualifying company. For the purposes of this Chapter, a company is a qualifying company if—  (a) it is an Indian company;  (b) the place of effective management of the company is in India;  (c) it owns at least one qualifying ship; and  (d) the main object of the company is to carry on the business […]

Operating ships For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates any ship whether owned or chartered by it and includes a case where even a part of the ship has been chartered in by it in an arrangement such as slot charter, space charter or

Computation of profits and gains from the business of operating qualifying ships Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of this Chapter and such income shall be deemed

SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES In this Chapter, unless the context otherwise requires,— (a) “bareboat charter” means hiring of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew; (b) “bareboat charter-cum-demise” means a bareboat

Tax on income of investment fund and its unit holders (1) Notwithstanding anything contained in any other provisions of this Act and subject to the provisions of this Chapter, any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment

Tax on income of unit holder and business trust (1) Notwithstanding anything contained in any other provisions of this Act, any income distributed by a business trust to its unit holders shall be deemed to be of the same nature and in the same proportion in the hands of the unit holder as it had

Tax on income in certain cases (1) Notwithstanding anything contained in any other provisions of this Act, any income accruing or arising to or received by a person out of investments made in a venture capital company or venture capital fund shall be chargeable to income-tax in the same manner as if it were the

When 10a[specified person] is deemed to be assessee in default (1) If any principal officer or the trustee of the 10b[specified person] and the 10b[specified person] does not pay tax on accreted income in accordance with the provisions of section 115TD, then, he or it shall be deemed to be an assessee in default in respect of the

Interest payable for non-payment of tax by 8[specified person] Where the principal officer or the trustee of the 9[specified person] and the 9[specified person] fails to pay the whole or any part of the tax on the accreted income referred to in sub-section (1) of section 115TD, within the time allowed under sub-section (5) of that section, he

Tax on accreted income 1) Notwithstanding anything contained in this Act, where in any previous year, a specified person has—  (a) converted into any form which is not eligible for grant of registration under section 12AA or section 12AB, or approval under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10;  (b) merged