Income Tax Act, 2025
Section 1: Clause (vii) omitted by Act 18 of 2005, s. 36 (w.e.f 12006).
1. Clause (vii) omitted by Act 18 of 2005, s. 36 (w.e.f 12006).
513
115VG. Computation of tonnage income.—(1) The tonnage income of a tonnage tax company for a
previous year shall be the aggregate of the tonnage income of each qualifying ship computed in
accordance with the provisions of sub-sections (2) and (3).
(2) For the purposes of sub-section (1), the tonnage income of each qualifying ship shall be the daily
tonnage income of each such ship multiplied by—
(a) the number of days in the previous year; or
(b) the number of days in part of the previous year in case the ship is operated by the company as
a qualifying ship for only part of the previous year, as the case may be.
(3) For the purposes of sub-section (2), the daily tonnage income of a qualifying ship having tonnage
referred to in column (1) of the Table below shall be the amount specified in the corresponding entry in
column (2) of the Table:
1[TABLE
Qualifying ship having net tonnage Amount of daily tonnage income
(1) (2)
up to 1,000 Rs. 70 for each 100 tons
exceeding 1,000 but not more than 10,000 Rs. 700 plus Rs. 53 for each 100 tons exceeding
1,000 tons
exceeding 10,000 but not more than 25,000 Rs. 5,470 plus Rs. 42 for each 100 tons exceeding
10,000 tons
exceeding 25,000 Rs. 11,770 plus Rs. 29 for each 100 tons exceeding
25,000 tons.]
(4) For the purposes of this Chapter, the tonnage shall mean the tonnage of a ship indicated in the
certificate referred to in section 115VX and includes the deemed tonnage computed in the prescribed
manner.
Explanation.—For the purposes of this sub-section, “deemed tonnage” shall be the tonnage in respect
of an arrangement of purchase of slots, slot charter and an arrangement of sharing of break-bulk vessel.
(5) The tonnage shall be rounded off to the nearest multiple of hundred tons and for this purpose any
tonnage consisting of kilograms shall be ignored and thereafter if such tonnage is not a multiple of
hundred, then, if the last figure in that amount is fifty tons or more, the tonnage shall be increased to the
next higher tonnage which is a multiple of hundred and if the last figure is less than fifty tons, the tonnage
shall be reduced to the next lower tonnage which is a multiple of hundred; and the tonnage so rounded off
shall be the tonnage of the ship for the purposes of this section.
(6) Notwithstanding anything contained in any other provision of this Act, no deduction or set off
shall be allowed in computing the tonnage income under this Chapter.
115VH. Calculation in case of joint operation, etc.—(1) Where a qualifying ship is operated by two
or more companies by way of joint interest in the ship or by way of an agreement for the use of the ship
and their respective shares are definite and ascertainable, the tonnage income of each such company shall
be an amount equal to a share of income proportionate to its share of that interest.
omitted by Act 18 of 2005, s. 36 (w.e.f 12006).
513
115VG. Computation of tonnage income.—
The tonnage income of a tonnage tax company for a
previous year shall be the aggregate of the tonnage income of each qualifying ship computed in
accordance with the provisions of sub-sections
and
For the purposes of sub-section
the number of days in the previous year; or
the number of days in part of the previous year in case the ship is operated by the company as
a qualifying ship for only part of the previous year, as the case may be.
For the purposes of sub-section
of the Table below shall be the amount specified in the corresponding entry in
column
of the Table:
1[TABLE
Qualifying ship having net tonnage Amount of daily tonnage income
(2)
up to 1,000 Rs. 70 for each 100 tons
exceeding 1,000 but not more than 10,000 Rs. 700 plus Rs. 53 for each 100 tons exceeding
1,000 tons
exceeding 10,000 but not more than 25,000 Rs. 5,470 plus Rs. 42 for each 100 tons exceeding
10,000 tons
exceeding 25,000 Rs. 11,770 plus Rs. 29 for each 100 tons exceeding
25,000 tons.]
For the purposes of this Chapter, the tonnage shall mean the tonnage of a ship indicated in the
certificate referred to in section 115VX and includes the deemed tonnage computed in the prescribed
manner.
Explanation.—For the purposes of this sub-section, “deemed tonnage” shall be the tonnage in respect
of an arrangement of purchase of slots, slot charter and an arrangement of sharing of break-bulk vessel.
The tonnage shall be rounded off to the nearest multiple of hundred tons and for this purpose any
tonnage consisting of kilograms shall be ignored and thereafter if such tonnage is not a multiple of
hundred, then, if the last figure in that amount is fifty tons or more, the tonnage shall be increased to the
next higher tonnage which is a multiple of hundred and if the last figure is less than fifty tons, the tonnage
shall be reduced to the next lower tonnage which is a multiple of hundred; and the tonnage so rounded off
shall be the tonnage of the ship for the purposes of this section.
Notwithstanding anything contained in any other provision of this Act, no deduction or set off
shall be allowed in computing the tonnage income under this Chapter.
115VH. Calculation in case of joint operation, etc.—
Where a qualifying ship is operated by two
or more companies by way of joint interest in the ship or by way of an agreement for the use of the ship
and their respective shares are definite and ascertainable, the tonnage income of each such company shall
be an amount equal to a share of income proportionate to its share of that interest.