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of <h1>Section 115VL restricts loss carry-forward and deductions for shipping companies under tonnage tax scheme</h1> Section 115VL of the Income Tax Act, 1961 establishes general exclusions for deductions and set-offs when computing tonnage income of qualifying shipping companies under the tonnage tax scheme. The provision restricts carry-forward of losses from sections 70-72A relating to qualifying ship operations during tonnage tax years, excludes Chapter VI-A deductions for shipping business profits, and mandates that depreciation calculations assume full allowances were claimed in relevant previous years. All standard deductions under sections 30-43B are treated as fully utilized, preventing double benefits during the tonnage tax period.
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