tonnage taxation
This query is : Resolved
20 June 2008
tonnage tax is basically a presumptive basis of income. but is there any option as to, in 1 year, we file as per this scheme, and in the succeeding year, if regular tax practice is beneficial,i switch over to it. is that option available? and can this switching be considered?
CA Anand Sarda
(Expert)
20 June 2008
A company may opt for the scheme and once such option is exercised, there is a lock-in-period of 10 years.If a company opts out, it is debarred from re-entry for ten years.
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