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of <h1>Companies can elect tonnage-based income computation under Section 115VA for qualifying ship operations despite other provisions</h1> Section 115VA of the Income Tax Act, 1961 provides companies operating qualifying ships an optional method for computing income from ship operations. Despite contrary provisions in sections 28 to 43C, companies may elect to calculate their shipping business income according to this Chapter's specific provisions. Income computed under this section is treated as profits and gains from business or profession for tax purposes. This tonnage-based computation system was introduced through the Finance Act 2004, effective from April 1, 2005, offering an alternative taxation framework for qualifying shipping companies.
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