Effect of temporarily ceasing to operate qualifying ships - Section 115VZA - Income Tax - Ready Reckoner - Income Tax

Effect of temporarily ceasing to operate qualifying ships - Section 115VZA (1) A temporary cessation (as against permanent cessation) of operating any qualifying ship by a company shall not be considered as a cessation of operating of such qualifying ship and the company shall be deemed to be operating such qualifying ship for the purposes of this Chapter. (2) Where qualifying company continues to operate Upto 31.03.2026 - Where a qualifying company continues to operate a ship, which temporarily ceases to be a qualifying ship, such ship shall not be considered as a qualifying ship for the purposes of this Chapter. From 01.04.2026 - Where a qualifying company continues to operate a ship, or inland vessel, as the case may be, which temporarily ceases to be a qualifying ship, such ship or inland vessel, as the case may be, shall not be considered as a qualifying ship for the purposes of this Chapter. [Amended Vide Section 37 of the Finance Act, 2025 w.e.f. 01.04.2026]