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of <h1>Income Tax Bill 2025: Clause 234 Targets Abusive Practices in Shipping Sector's Tonnage Tax Scheme</h1> Clause 234 of the Income Tax Bill, 2025, addresses the exclusion of shipping companies from the tonnage tax scheme if they engage in transactions or arrangements deemed abusive. Such abuse occurs if a tax advantage is obtained for non-tonnage tax activities or for entities other than the tonnage tax company. 'Tax advantage' includes reduced taxable income or increased losses due to specific accounting practices. If abuse is identified, the Assessing Officer can exclude the company from the scheme, following a notice and approval process. However, companies can avoid exclusion by proving transactions were bona fide and not intended for tax advantage.
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