Section 115VDCentral Act

Section 115VD: Qualifying ship

The Income-tax Act, 1961

Qualifying ship.

- For the purposes of this Chapter, a ship is a qualifying ship if-

(a)

it is a sea going ship or vessel of fifteen net tonnage or more;

(b)

it is a ship registered under the Merchant Shipping Act, 1958 (

44 of 1958

), or a ship registered outside India in respect of which a licence has been issued by the Director-General of Shipping under section 406 or section 407 of the Merchant Shipping Act, 1958 (

44 of 1958

); and

(c)

a valid certificate in respect of such ship indicating its net tonnage is in force, but does not include-

(i)a seagoing ship or vessel if the main purpose for which it is used is the provision of goods or services of a kind normally provided on land;

(ii)fishing vessels;

(iii)factory ships;

(iv)pleasure crafts;

(v)harbour and river ferries;

(vi)offshore installations;

[* * *] [ Clause (vii) omitted by Act 18 of 2005, Section 36 (w.e.f. 1.4.2006).]

(viii)

a qualifying ship which is used as a fishing vessel for a period of more than thirty days during a previous year.

Sec 115VC — Qualifying company

Sec 115VE — Manner of computation of income under tonnage tax scheme

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