Act Number: 43

Act Name: The Income-tax Act, 1961

Year: 1961

Enactment Date: 1961-09-13

Long Title: An Act to consolidate and amend the law relating to income-tax and super-tax

Ministry: Ministry of Finance

Department: Department of Revenue

Section 115VA: Computation of profits and gains from the business of operating qualifying ships
Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of a company, the income from the business of operating qualifying ships, may, at its option, be computed in accordance with the provisions of this Chapter and such income shall be deemed to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business or profession”.
Scroll to Top