Section 115VSCentral Act

Section 115VS: Prohibition to opt for tonnage tax scheme in certain cases

The Income-tax Act, 1961

Prohibition to opt for tonnage tax scheme in certain cases.

- A qualifying company, which, on its own, opts out of the tonnage tax scheme or makes a default in complying with the provisions of section 115-VT or section 115-VU or section 115-VV or whose option has been excluded from tonnage tax scheme in pursuance of an order made under sub-section (1) of section 115-VZC, shall not be eligible to opt for tonnage tax scheme for a period of ten years from the date of opting out or default or order, as the case may be.D.-Conditions for applicability of tonnage tax scheme

Sec 115VR — Renewal of tonnage tax scheme

Sec 115VT — Transfer of profits to Tonnage Tax Reserve Account

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