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of <h1>Section 115VO excludes tonnage tax company book profits from overall calculation under section 115JB for shipping operations</h1> Section 115VO of the Income Tax Act, 1961 excludes book profit or loss from tonnage tax company activities from the company's overall book profit calculation under section 115JB. This provision specifically applies to qualifying ships' operating activities as defined in section 115V-I(1). The exclusion ensures that tonnage tax companies receive separate treatment for their shipping operations when computing minimum alternate tax obligations. This statutory provision was inserted through the Finance Act 2004, effective from April 1, 2005, providing specialized tax treatment for maritime shipping businesses.
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