Amended and updated notes on section 115VO of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to exclusion from provisions of section 115JB.
Chapter XIIG (Sections 115V to 115VZC) of the Income Tax Act 1961 deals with the provisions related to special provisions relating to income of shipping companies. Section 115VO of IT Act 1961-2020 provides for exclusion from provisions of section 115JB.
Recently, we have discussed in detail section 115VN (chargeable gains from transfer of tonnage tax assets) of IT Act 1961. Today, we learn the provisions of section 115VO of Income-tax Act 1961. The amended provision of section 115VO is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 115VO of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section-115VO: Exclusion from provisions of section 115JB
The book profit or loss derived from the activities of a tonnage tax company, referred to in sub-section (1) of section 115V-I, shall be excluded from the book profit of the company for the purposes of section 115JB.