Relevant shipping income

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..... e other provisions of this Act. (2) The core activities of a tonnage tax company shall be (i) its activities from operating qualifying ships; and (ii) 1[other ship-related or inland vessel related activities, as the case may be,] mentioned as under : (A) shipping contracts in respect of (i) earning from pooling arrangements; (ii) contracts of affreightment. Explanation. For the purposes of this sub-clause, (a)  pooling arrangement means an agreement between two or more persons for providing services through a pool or operating one or more ships 2[or inland vessels, as the case may be,] and sharing earnings or operating profits on the basis of mutually agreed terms; (b)  contract of affreightment means a servi .....

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..... on or annulment shall be without prejudice to the validity of anything previously done under that notification. (5) The incidental activities shall be the activities which are incidental to the core activities and which may be prescribed for the purpose. (6) Where a tonnage tax company operates any ship, 3[or inland vessel, as the case may be,] which is not a qualifying ship, the income attributable to operating such non-qualifying ship shall be computed in accordance with the other provisions of this Act. (7) Where any goods or services held for the purposes of tonnage tax business are transferred to any other business carried on by a tonnage tax company, or where any goods or services held for the purposes of any other business carried .....

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..... may reasonably be deemed to have been derived therefrom. Explanation.- For the purposes of this Chapter, in case the relevant shipping income of a tonnage tax company is a loss, then, such loss shall be ignored for the purposes of computing tonnage income.     *************** NOTES:- 1.  Substituted vide Section 31 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 before it was read as, "other ship-related activities" 2.  Inserted vide Section 31 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026 3.  Inserted vide Section 31 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2026   -
Sta .....

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