Section 115VD - Qualifying ship - Income-tax Act, 1961

Qualifying ship. 115VD. For the purposes of this Chapter, a ship 2 [ or inland vessel, as the case may be, ] is a qualifying ship if- ( a ) it is a sea going ship or vessel 3 [ , 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 (44 of 1958) 4 [ or an inland vessel registered under the Inland Vessels Act, 2021 (24 of 2021.), as the case may be, ] ; and ( c ) a valid certificate in respect of such ship 5 [ 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 vessel 6 [ 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 ) 1 [ *** ] ( viii ) a qualifying ship which is used as a fishing vessel for a period of more than thirty days during a previous year. ***************** NOTES:- 1. Omitted by the Finance Act, 2005, w.e.f. 1-4-2006. Prior to its omission, clause (vii) read as under, (vii) dredgers; 2. Inserted vide Section 29 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 3. Inserted vide Section 29 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 4. Inserted vide Section 29 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 5. Inserted vide Section 29 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 6. Inserted vide Section 29 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026