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[Cites 0, Cited by 0] [Section 232] [Entire Act]

Union of India - Subsection

Section 232(1) in The Income Tax Act, 2025

(1)A tonnage tax company shall, subject to and as per the provisions of this section, be required to credit to a reserve account (herein referred to as the Tonnage Tax Reserve Account) an amount, being 20% or more of the book profit derived from the activities referred to in section 228(1)(a) and (b) in each tax year to be utilised in the manner laid down in sub-section (6).