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of <h1>Companies Operating Qualifying Ships Must Opt for Tonnage Tax Scheme Per Section 115VP for Separate Profit Computation</h1> A tonnage tax company operating qualifying ships must compute profits under the tonnage tax scheme as outlined in Section 115VE. This scheme treats the business of operating qualifying ships as a separate entity, distinct from other company activities. Profits from the tonnage tax business are calculated separately from other business profits. The scheme is applicable only if the company opts in per Section 115VP. If a company does not opt for the tonnage tax scheme, its profits from operating qualifying ships are computed under the general provisions of the Income Tax Act.
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