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of <h1>Section 115VD defines 'qualifying ship' for tax purposes, excluding fishing vessels, pleasure crafts, and offshore installations.</h1> A 'qualifying ship' under section 115VD of Chapter XII-G of the Income Tax Act, 1961, refers to a sea-going vessel of at least fifteen net tonnage, registered under the Merchant Shipping Act, 1958, or licensed by the Director-General of Shipping. It must have a valid net tonnage certificate. Exclusions include ships primarily used for land-based services, fishing vessels, factory ships, pleasure crafts, harbour and river ferries, offshore installations, and ships used as fishing vessels for over thirty days in a year.
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