Mera Samvidhaan All of Income-tax Act, 1961

Chapter XII-G · Special Provisions Relating to Income of Shipping Companies

115VCQualifying company.

Section 115VC · Chapter XII-G · B.—Computation of tonnage income from business of operating qualifying ships · page 512 of the Act

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 of operating ships.

Explanation.—For the purposes of this section, "place of effective management of the company" means—

(A) the place where the board of directors of the company or its executive directors, as the case may be, make their decisions; or

(B) in a case where the board of directors routinely approve the commercial and strategic decisions made by the executive directors or officers of the company, the place where such executive directors or officers of the company perform their functions.

Other provisions that mention Section 115VC

Section 115VC of The Income-tax Act, 1961 is reproduced in full above, as printed by India Code, with its footnotes and amendment markers. Read the whole Act, or browse every Act on Mera Samvidhaan.