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of <h1>Clause 229: New Depreciation Rules for Shipping Companies Under Tonnage Tax Scheme in Income Tax Bill 2025</h1> Clause 229 of the Income Tax Bill, 2025, outlines the computation of depreciation and gains for shipping companies under the tonnage tax scheme. It specifies that depreciation for the first tax year is calculated based on the written down value of qualifying ships. The assets are divided into qualifying and non-qualifying categories, with separate blocks for each. If assets change use between tonnage tax and other purposes, their values are adjusted accordingly. Depreciation is allocated based on usage duration, and any profits from transferring qualifying assets are taxable. Definitions for 'book written down value' and 'written down value' are provided.
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