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of <h1>Section 115VG establishes tiered tonnage income computation for qualifying ships with no deductions permitted</h1> Section 115VG of the Income Tax Act establishes the computation method for tonnage income of qualifying ships operated by tonnage tax companies. The tonnage income equals daily tonnage income multiplied by operational days in the previous year. Daily tonnage income follows a tiered structure: up to 1,000 tons at Rs. 70 per 100 tons, 1,000-10,000 tons at Rs. 700 plus Rs. 53 per additional 100 tons, 10,000-25,000 tons at Rs. 5,470 plus Rs. 42 per additional 100 tons, and over 25,000 tons at Rs. 11,770 plus Rs. 29 per additional 100 tons. Tonnage is rounded to nearest hundred tons, and no deductions are permitted in computing tonnage income.
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