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Income-Tax Act - Section No. 115V
September, 04th 2010

41[Chapter XII-G

Special Provisions Relating to Income of Shipping Companies

A.Meaning of certain expressions


115V. In this Chapter, unless the context otherwise requires,

             (a)   bareboat charter means hiring of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew;

             (b)   bareboat charter-cum-demise means a bareboat charter where the ownership of the ship is intended to be transferred after a specified period to the company to whom it has been chartered;

              (c)   Director-General of Shipping means the Director-General of Shipping appointed by the Central Government under sub-section (1) of section 7 of the Merchant Shipping Act, 1958 (44 of 1958);

             (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 342 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.

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