The base for determination of notional income arising from the operation of a ship, in case of Indian Shipping Company under section 115V to 115V2C of the Income Tax Act, 1961 is taken :

CS Executive · Tax Laws and Practice · PYQS · December 2018
The base for determination of notional income arising from the operation of a ship, in case of Indian Shipping Company under section 115V to 115V2C of the Income Tax Act, 1961 is taken :
(A) Aggregate turnover/receipt/sales of the ship
(B) Tonnage of the ship
(C) @ 8% of turnover/receipts/sales of the ship
(D) Gross profit rate of preceding year

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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