Shipping Companies Can Claim Tonnage Tax Benefits by Meeting Specific Operational and Management Criteria Under Income Tax Act

A legal text defining "tonnage tax company" under Income Tax Act 1961, Chapter XII-G. It explains qualifying conditions for shipping companies to opt for tonnage tax scheme, including being an Indian company with effective management in India, owning qualifying ships, and primarily operating ships. The interpretation allows flexibility in understanding a company's main object beyond strict memorandum of association definitions, focusing on the business of operating qualifying ships for tax computation purposes.