(1) Irrespective of 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 been received by, or accrued to, the business […]

(1) Irrespective of anything contained in any other provision of this Act and subject to the provisions of this section, where a person, being a unit holder of an investment fund, out of investments made in the investment fund, receives any income or any income accrues or arises to him, such income shall be chargeable

Irrespective of anything contained in sections 26 to 54, in the case of a company, the income from the business of operating qualifying ships––(a) may, at its option, be computed as per provisions of this Part; and(b) such income shall be deemed to be the profits and gains of such business chargeable to tax under

(1) In this Part, a company shall—(a) be regarded as operating a ship or inland vessel, as the case may be, if it operates any ship whether owned or chartered by it and includes a case where even a part of the ship or inland vessel, as the case may be, has been chartered in

(1) The tonnage income of a tonnage tax company for a tax year shall be the aggregate of the tonnage income of each qualifying ship computed as per sub-sections (2) and (3).(2) For the purposes of sub-section (1), the tonnage income of each qualifying ship shall be computed as per the following formula:––TI= DTI x

(1) In this Part, the relevant shipping income of a tonnage tax company means—(a) its profits from core activities referred to in sub-section (3); and(b) its profits from incidental activities referred to in sub-section (7).(2) Where the aggregate of all such incomes specified in sub-section (1)(b) exceeds 0.25% of the turnover from core activities referred

(1) For the purposes of computing depreciation under section 230(1)(d), the depreciation for the first tax year of the tonnage tax scheme (herein referred to as the first tax year) shall be computed on the written down value of the qualifying ships as specified under sub-section (2).(2) The written down value of the block of

(1) Irrespective of anything contained in any other provision of this Act, in computing the tonnage income of a tonnage tax company for any tax year (herein referred to as the “relevant tax year”) in which it is chargeable to tax as per this Part—(a) sections 28 to 52 shall apply as if every loss,

(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