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of <h1>Indian company qualifies for tonnage tax under Section 115VC if it owns qualifying ships and has effective management in India.</h1> Section 115VC of the Income Tax Act, 1961 defines a qualifying company for tonnage tax purposes. A company qualifies if it is an Indian company with its place of effective management in India, owns at least one qualifying ship, and has operating ships as its main business object. The place of effective management is determined by where the board of directors or executive directors make decisions, or where executive directors perform their functions when the board routinely approves their commercial and strategic decisions.
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