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of <h1>Company qualifies as ship operator for tonnage tax unless vessel chartered on bareboat terms exceeding three years under Section 115VB</h1> Section 115VB of the Income Tax Act, 1961 defines when a company is considered to be operating a ship or inland vessel for tonnage tax purposes. A company qualifies as an operator if it operates any ship or inland vessel, whether owned or chartered, including partial charter arrangements like slot charter, space charter, or joint charter. However, the company is not considered an operator if it has chartered out the vessel on bareboat charter-cum-demise terms or bareboat charter terms exceeding three years. The provision was originally inserted in 2004 and expanded to include inland vessels through 2025 amendments.
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