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of <h1>Shipping companies get specialized tax definitions under Section 115V including bareboat charters and tonnage tax activities</h1> Section 115V of the Income Tax Act, 1961 establishes definitions for Chapter XII-G governing special provisions for shipping companies' income. Key terms include bareboat charter arrangements involving hiring vessels with full control rights, factory ships for processing fishing produce, and qualifying companies eligible for tonnage tax schemes. The section defines tonnage tax activities, tonnage income computation methods, and distinguishes between seagoing ships and pleasure craft. Recent amendments expanded coverage from ships to include inland vessels, reflecting broader maritime taxation scope. These definitions form the foundation for specialized tax treatment of shipping business operations under the tonnage tax regime.
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