Notification No                  :        250
Section(s) Referred           :        Section 295
Date of Issue                     :        29/9/2004
Notification No. 250 of 2004, dt. 29th Sep., 2004
S.O. 1067(E). -In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

(1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2004.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962
(a) in Part II, after sub-part F, the following shall be inserted, namely:-
” G.- Tonnage tax scheme for shipping companies
Application for exercising or renewing the option for tonnage tax scheme.
11P. An application under sub-section (1) of section 115VP for exercising an option for the tonnage tax scheme or under sub-section (1) of section 115VR for renewing the option for the tonnage tax scheme, as the case may be, shall be made in Form No. 65 and shall be verified in the manner provided therein.”;
(b) in Appendix II, after Form No. 64, the following Form shall be inserted, namely:-

Note.- The principal rules were published vide Notification No.S.O.969(E), dated the 26 th March, 1962 and last amended by Income-tax (Tenth Amendment) Rules, 2004 vide Notification S.O. No.980 (E) dated 2nd September, 2004.

FORM NO.65

Application for *exercising/renewing option for the tonnage tax scheme under *sub-section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961.

To,
The Joint Commissioner,
…………………………Sir,I, on behalf of ………………………………………………………….(Name of the Company), hereby apply for *exercising /renewing the option for the tonnage tax scheme in accordance with the provisions of *sub-section

(1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961 with effect from the assessment year ………..
2. A statement of particulars for the purpose of *exercising /renewing the option is
enclosed as per Annexure to this Form.Verification**
I, ………………………………………….. (full name in block letters), do hereby declare that what is stated in this application and the Annexure hereto is true to the best of my information and belief. I further confirm that :
(1) ……………………………………………..(Name of the Company) is an Indian company within the meaning of clause (26) of section 2 of the Income-tax Act, 1961.
(2)The place of effective management of the company within the meaning of section 115VC of the Income-tax Act, 1961 is in India.
(3) The company owns ………….. qualifying ship(s).
(4) The main object of the company is operation of ships. Copy of Memorandum of Association of the company is enclosed.
2. I further declare that I am making this application in my capacity as ……………………………… and I am also competent to make this application and verify it………………………………………..
Name and Signature

Place: ………..

Date : ………

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Note:

1. This application should be filed with the Joint Commissioner of Income-tax having jurisdiction over the applicant company.
2. All the columns in the application must be filled in. Part A and Part B (if applicable) of the Annexure must be filled in, failing which the application shall be treated as incomplete.
3. * Strike out whichever is not applicable.
4. ** Before signing the verification every person should satisfy himself that the application, the accompanying statements and documents are, to the best of his knowledge and belief, correct and complete in all respects. Any person making any false statement shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961.
5. The application shall be signed and verified on behalf of the company by the managing director of the company, or where for any unavoidable reason such managing director is not able to sign and verify this Form, or where there is no managing director, by any director:
Provided that:
(a) where the company is being wound up, whether under the orders of a court or otherwise, or where any person has been appointed as the receiver of any assets of the company, the statement shall be signed and verified by the liquidator referred to in sub-section (1) of section 178 of the Income-tax Act; (b) where the management of the company has been taken over by the Central Government or any State Government under any law, the statement of the company shall be signed and verified by the principal officer thereof.

ANNEXURE

tatement of particulars to be furnished for *exercising/renewing option for tonnage tax scheme

PART- A
1. Name of the company in full (in block letters)2. Permanent Account Number3. Address of the Registered Office

4. Address (es) of branch office (es)

5. Date of incorporation (enclose a copy of the certificate of incorporation)

6. Date on which the company became a qualifying company [to be given only in case of a company which becomes a qualifying company after the initial period] (enclose evidence in support of the claim)

7. Details of ships owned or chartered by the company
(i) Owned ships
Sl.No. Name of the Ship                  Net Tonnage      Flag                               Type of Ship                         Whether qualifying or not
(1)      (2)                     (3)                (4)   (5)               (6)
(ii) Ships chartered in on bareboat charter-cum-demise terms
Sl.No. Name of the ship     Net Tonnage              Flag      Type of Ship
Date of commencement of charter                       Period of Charter        Reference No. of DG(Shipping) approval   Whether qualifying or not
(1)      (2)     (3)          (4)   (5)    (6)                     (7)        (8)                   (9)
(iii) Ships chartered in on bareboat charter terms for more than three years
Sl.No. Name of the Ship    Net Tonnage              Flag      Type of Ship   Date of commencement of Charter Period of Charter       Reference No. of DG(Shipping) approval       Whether qualifying or not
(1)      (2)     (3)          (4)   (5)    (6)                     (7)        (8)                   (9)
(iv) Ships chartered in on bareboat charter terms for less than three years
Sl.No. Name of the Ship    Net Tonnage              Flag      Type of Ship   Date of commencement of Charter Period of Charter       Reference No.of DG(Shipping) approval       Whether qualifying or not
(v) Ships chartered out on bareboat charter-cum-demise terms
Sl.No. Name of the Ship    Net tonnage                Date of commencement of Charter               Period of Charter                       Whether qualifying or not
(1)      (2)            (3)           (4)                               (5)             (6)
(vi) Ships chartered out on bareboat charter terms for more than three years
Sl.No.               Name of Ship                              Net tonnage                        Date of commencement of Charter                              Period of Charter           Whether qualifying or not
(1)      (2)          (3)           (4)                                (5)              (6)
(vii) Ships chartered out on bareboat charter terms for less than three years
Sl.No.               Name of Ship                              Net tonnage                        Date of commencement of Charter                              Period of Charter           Whether qualifying or not
(1)      (2)          (3)           (4)                                (5)              (6)
(viii) Other ships chartered in [other than those referred to at (ii), (iii) and (iv) above]
Sl.No. Name of the Ship    Net Tonnage              Flag      Type of ship   Date of commencement of Charter Period of Charter
Reference No. of DG(shipping) approval            Whether qualifying or not
(1)      (2)     (3)          (4)   (5)    (6)                     (7)        (8)                  (9)

8. Name(s) and address(es) of directors of the
applicant company

PART-B
(Statement of particulars to be furnished only in case of renewing of option for tonnage tax scheme)
1. Date(s) of exercising earlier option(s) alongwith date(s) of
order approving the option [enclose a copy of the order(s)].
2. Details regarding earlier options:(i) Whether the company ceased to be a qualifying
company at any time during earlier option(s)
(ii) Whether any default was made in complying with
the provisions of section 115VT or section 115VU
or section 115VV (if yes, give details)
(iii) Whether the company was excluded from the
scheme under section 115VZC (if yes, give details)
(iv) Whether the company voluntarily opted out of the
tonnage tax scheme (if yes, give details)
(v) Whether there was an amalgamation of the
company with a company, which was a qualifying
company on 1st October, 2004 and had not
exercised the option within the initial period.

Place :

Date :

**Signed
Note:
1. * Strike out whichever is not applicable.
2. ** This Annexure has to be signed by the person competent to sign the application.
3. “Initial period” means the period after the 30th day of September, 2004 but before the 1st day of January, 2005.
4. Part-A is to be filled up both in case of exercising the option and while renewing the option. However, Part-B is to be filled up only in cases where an application is being filed for renewing the option.
5. In respect of each of the ships, details of which are being given in item 7, a copy of the following certificates, as may be relevant, in case of each qualifying ship should be enclosed:(i) Certificate of registration under the Merchant Shipping Act, 1958 and certificate under Merchant Shipping (Tonnage Measurement of Ship) Rules, 1987 made under the Merchant Shipping Act, 1958;
(ii) Certificate of registration under the Merchant Shipping Act, 1958 and international tonnage certificate issued under the provisions of the Convention on Tonnage
Measurement of Ships, 1969 as specified in the Merchant Shipping (Tonnage Measurement of Ship) Rules, 1987 made under the Merchant Shipping Act, 1958;
(iii) Permission obtained from the Director-General of Shipping to charter in a ship in case of ships registered outside India.’.
F.No.142/31/2004-TPL

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