Economics · Corporate Tax Planning
Which one of the following statements is NOT correct regarding the Tonnage Tax System in India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Computation of tonnage income is covered under Section 115VG.
- 2It is applicable to both Indian as well as foreign companies qualifying under the act.✓
- 3It is applicable for the taxation of income derived from shipping activities.
- 4It is a scheme of presumptive taxation.
Correct answer
It is applicable to both Indian as well as foreign companies qualifying under the act.
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