Amended and updated notes on section 115VR 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 renewal of tonnage tax scheme.
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 115VR of IT Act 1961-2023 provides for renewal of tonnage tax scheme.
Recently, we have discussed in detail section 115VQ (period for which tonnage tax option to remain in force) of IT Act 1961. Today, we learn the provisions of section 115VR of Income-tax Act 1961. The amended provision of section 115VR 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 115VR 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-115VR: Renewal of tonnage tax scheme
Section 115VR(1) of Income Tax Act
An option for tonnage tax scheme approved under sub-section (3) of section 115VP may be renewed within one year from the end of the previous year in which the option ceases to have effect.
Section 115VR(2) of Income Tax Act
The provisions of sections 115VP and 115VQ shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option for tonnage tax scheme.