Fringe benefits (1) For the purposes of this Chapter, “fringe benefits” means any consideration for employment provided by way of—   (a) any privilege, service, facility or amenity, directly or indirectly, provided by an employer, whether by way of reimbursement or otherwise, to his employees (including former employee or employees);   (b) any free or […]

Charge of fringe benefit tax (1) In addition to the income-tax charged under this Act, there shall be charged for every assessment year commencing on or after the 1st day of April, 2006, additional income-tax (in this Act referred to as fringe benefit tax) in respect of the fringe benefits provided or deemed to have

INCOME-TAX ON FRINGE BENEFITS In this Chapter, unless the context otherwise requires,—  (a) “employer” means,—    (i) a company;   (ii) a firm;  (iii) an association of persons or a body of individuals, whether incorporated or not;  (iv) a local authority; and  (v) every artificial juridical person, not falling within any of the preceding sub-clauses:

Exclusion from tonnage tax scheme (1) Where a tonnage tax company is a party to any transaction or arrangement referred to in sub-section (1) of section 115VZB, the Assessing Officer shall, by an order in writing, exclude such company from the tonnage tax scheme: Provided that an opportunity shall be given by the Assessing Officer by serving

Avoidance of tax  (1) Subject to the provisions of this Chapter, 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

Effect of temporarily ceasing to operate qualifying ships (1) A temporary cessation (as against permanent cessation) of operating any qualifying ship by a company shall not be considered as a cessation of operating of such qualifying ship and the company shall be deemed to be operating such qualifying ship for the purposes of this Chapter.

Demerger Where in a scheme of demerger, the demerged company transfers its business to the resulting company before the expiry of the option for tonnage tax scheme, then, subject to the other provisions of this Chapter, the tonnage tax scheme shall, as far as may be, apply to the resulting company for the unexpired period

Amalgamation 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 the amalgamated company if it is a qualifying company: Provided that where the amalgamated company is

Determination of tonnage (1) For the purposes of this Chapter,—  (a) the tonnage of a ship shall be determined in accordance with the valid certificate indicating its tonnage;  (b) “valid certificate” means,—    (i) in case of ships registered in India—  (a) having a length of less than twenty-four metres, a certificate issued under the

Maintenance and audit of accounts An option for tonnage tax scheme by a tonnage tax company shall not have effect in relation to a previous year unless such company—   (i) maintains separate books of account in respect of the business of operating qualifying ships; and  (ii) furnishes, before the specified date referred to in section 44AB,