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of <h1>Section 115VE requires tonnage tax companies to compute qualifying ship profits separately from other business income</h1> Section 115VE of the Income Tax Act, 1961 establishes the computation method for income under the tonnage tax scheme. Tonnage tax companies operating qualifying ships must compute profits from such business under this scheme, treating it as a separate business distinct from other activities. Profits must be calculated separately from other business income. The scheme applies only when a company exercises the option under section 115VP. Companies not covered under the tonnage tax scheme or those not exercising the option must compute profits according to other Act provisions.
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