Section 115V - Definitions - Income-tax Act, 1961

1 [ Chapter XII-G Special Provisions Relating to Income of Shipping Companies A.-Meaning of certain expressions Definitions. 115V. In this Chapter, unless the context otherwise requires,- (a) bareboat charter means hiring of a 2 [ ship or inland vessel, as the case may be, ] for a stipulated period on terms which give the charterer possession and control of the 2A [ ship or inland vessel, as the case may be, ] , including the right to appoint the master and crew; (b) bareboat charter-cum-demise means a bareboat charter where the ownership of the 2B [ ship or inland vessel, as the case may be, ] 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 3 of the Merchant Shipping Act, 1958 (44 of 1958); 3 [ (ea) inland vessel shall have the same meaning as assigned to it in clause (q) of section 3 of the Inland Vessels Act, 2021 (24 of 2021); ] (f) pleasure craft means a 2C [ ship or inland vessel, as the case may be, ] 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 2D [ ship or inland vessel, as the case may be, ] 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. ***************** NOTES:- 1. Chapter XII-G, consisting of sections 115V to 115VZC, inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 2. Substituted vide Section 27 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 before it was read as, ship 2A. Substituted vide Section 27 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 before it was read as, ship 2B. Substituted vide Section 27 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 before it was read as, ship 2C. Substituted vide Section 27 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 before it was read as, ship 2D. Substituted vide Section 27 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 before it was read as, ship 3. Inserted vide Section 27 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026