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of <h1>Multiple companies operating ships jointly must calculate tonnage income based on proportionate shares under Section 115VH</h1> Section 115VH of the Income Tax Act, 1961 addresses tonnage income calculation for qualifying ships operated jointly by multiple companies. When companies operate a ship through joint interest or usage agreements with definite, ascertainable shares, each company's tonnage income equals their proportionate share of the total income. For multiple operators without such defined shares, tonnage income is computed as if each company were the sole operator. This provision ensures fair distribution of tonnage income among joint operators based on their respective interests or operational arrangements. The section was inserted through the Finance Act, 2004, effective April 1, 2005.
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