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of <h1>Income Tax Amendment: Section 115V Expands to Include Inland Vessels Alongside Ships Starting April 2026</h1> Section 115V of the Income-tax Act is amended effective April 1, 2026, expanding its scope to include inland vessels alongside ships. The amendment substitutes 'ship' with 'ship or inland vessel, as the case may be' in clauses (a), (b), (f), and (h). It also inserts a new clause (ea) defining 'inland vessel' by reference to section 3(q) of the Inland Vessels Act, 2021. This modification extends the tax provisions previously applicable only to ships to inland vessels as well.
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