Section 115TB Income Tax Act 2025 Interest payable for non-payment of tax. 115TB. Where the person responsible for making payment of the income distributed by the securitisation trust and the securitisation trust fails to pay the whole or any part of the tax referred to in sub-section (1) of section 115TA, within the time allowed under sub-section… Read More »
Section 225 Income Tax Act 2025 G.-Special provisions relating to income of shipping companies Income from business of operating qualifying ships. 225. Irrespective of anything contained in sections 26 to 54 (except 50 and 53), 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… Read More »
Section 226 Income Tax Act 2025 Tonnage tax scheme. 226. (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 or inland vessel, as the case may be, whether owned or chartered by it and includes a case where… Read More »
Section 227 Income Tax Act 2025 Computation of tonnage income. 227. (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… Read More »
Section 86 Income Tax Act 2025 Capital gains on transfer of certain capital assets not to be charged in case of investment in residential house. 86.(1) If an individual or a Hindu undivided family has— (a) capital gains arising from the transfer of any long-term capital asset, not being a residential house (original asset); and… Read More »
Section 228 Income Tax Act 2025 Relevant shipping income and exclusion from book profit. 228.(1) For the purposes of 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)… Read More »
Section 229 Income Tax Act 2025 Depreciation and gains relating to tonnage tax assets. 229. (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… Read More »
Section 230 Income Tax Act 2025 Exclusion of deduction, loss, set off, etc. 230. (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… Read More »
Section 231 Income Tax Act 2025 Method of opting of tonnage tax scheme and validity. 231. (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 may be prescribed, for such scheme. (2) A qualifying company… Read More »
Section 232 Income Tax Act 2025 Certain conditions for applicability of tonnage tax scheme. 232. (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… Read More »