The base for determination of notional income arising from the operation of a ship, in case of Indian Shipping Company under sections 115V to 115VZC 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:B
The base for determination of notional income arising from the operation of a ship, in case of Indian Shipping Company under sections 115V to 115VZC 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