Income Tax Act, 1961
Section 1: Ins. by Act 23 of 2004, s. 30 (w.e.f. 12005).
1. Ins. by Act 23 of 2004, s. 30 (w.e.f. 12005).
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(d) “factory ship” includes a vessel providing processing services in respect of processing of the
fishing produce;
(e) “fishing vessel” shall have the meaning assigned to it in clause (12) of section 3 of the
Merchant Shipping Act, 1958 (44 of 1958);
(f) “pleasure craft” means a ship of a kind whose primary use is for the purposes of sport or
recreation;
(g) “qualifying company” means a company referred to in section 115VC;
(h) “qualifying ship” means a ship referred to in section 115VD;
(i) “seagoing ship” means a ship if it is certified as such by the competent authority of any
country;
(j) “tonnage income” means the income of a tonnage tax company computed in accordance with
the provisions of this Chapter;
(k) “tonnage tax activities” means the activities referred to in sub-sections (2) and (5) of section
115V-I;
(l) “tonnage tax company” means a qualifying company in relation to which tonnage tax option
is in force;
(m) “tonnage tax scheme” means a scheme for computation of profits and gains of business of
operating qualifying ships under the provisions of this Chapter.
B.—Computation of tonnage income from business of operating qualifying ships
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”.
“factory ship” includes a vessel providing processing services in respect of processing of the
fishing produce;
“fishing vessel” shall have the meaning assigned to it in clause
of section 3 of the
Merchant Shipping Act, 1958 (44 of 1958);
“pleasure craft” means a ship of a kind whose primary use is for the purposes of sport or
recreation;
“qualifying company” means a company referred to in section 115VC;
“qualifying ship” means a ship referred to in section 115VD;
“seagoing ship” means a ship if it is certified as such by the competent authority of any
country;
“tonnage income” means the income of a tonnage tax company computed in accordance with
the provisions of this Chapter;
“tonnage tax activities” means the activities referred to in sub-sections
and
of section
115V-I;
“tonnage tax company” means a qualifying company in relation to which tonnage tax option
is in force;
“tonnage tax scheme” means a scheme for computation of profits and gains of business of
operating qualifying ships under the provisions of this Chapter.
B.—Computation of tonnage income from business of operating qualifying ships
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”.