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Tonnage Tax Scheme for shipping companies under:
ASection 172
BSection 44B
CChapter XII-G (Sections 115V to 115VZC)
DSection 33AC (per relevant Section)
Answer & Solution
Correct answer: C. Chapter XII-G (Sections 115V to 115VZC)
1. Chapter XII-G (Sections 115V-115VZC) introduced Tonnage Tax Scheme (optional).
2. Income from qualifying shipping operations is on net registered tonnage basis.
3. Option for 10 years; minimum tax compliance and reserve creation required.
_Source: ICAI BoS CA Final Paper 7, Ch 9 "Assessment of Various Entities"_
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