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of <h1>Section 115VF exempts shipping income from tax when tonnage tax regime applies to qualifying vessels</h1> Section 115VF of the Income Tax Act, 1961 establishes the framework for computing tonnage income from qualifying ship operations. The provision mandates that tonnage income be calculated according to Section 115VG and treats this computed income as profits chargeable under business or profession income head. Importantly, it exempts the relevant shipping income from tax liability when tonnage tax regime applies. This section was inserted through the Finance Act 2004, effective from April 1, 2005, creating a specialized taxation mechanism for shipping businesses operating qualifying vessels.
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