115VD Qualifying ship

CHAPTER XII-G

SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES

Qualifying ship.

115VD. For the purposes of this Chapter, a ship ¹[or inland vessel, as the case may be] is a qualifying ship if-

(a) it is a sea going ship or vessel¹[or inland vessel, as the case may be] 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 ¹[or an inland vessel registered under the Inland Vessels Act, 2021, as the case may be]; (44 of 1958) and

(c) a valid certificate in respect of such ship ¹[or inland vessel, as the case may be] indicating its net tonnage is in force, but does not include-

(i) a sea going ship or vessel¹[or inland vessel, as the case may be] 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;

(vii) [***]

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

Note:-

1 . Inserted byThe Finance Act, 2025dated 29.03.2025 w.e.f.01.04.2026.