Relevant shipping income & core activities of a tonnage tax company - Section 115VI

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....;   (i)  its profits from core activities referred u/s 115VI(2)            (ii)  its profits from incidental activities referred u/s 115VI(3) However, where the aggregate of all such incomes specified in clause (ii) exceeds 0.25% of the turnover from core activities referred to in sub-section (2), such excess shall not f....

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....operating one or more ships [or inland vessels, as the case may be,(inserted vide Section 31 of the Finance Act, 2025 W.e.f. 01.04.2026) ] and sharing earnings or operating profits on the basis of mutually agreed terms; * contracts of affreightment. * contract of affreightment means a service contract under which a tonnage tax company agrees to transport....

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....ed vessels and * maritime education or recruitment fees. Income of non-qualifying ship to be computed as per normal provisions [Section 115VI(6)] (4) Where a tonnage tax company operates any ship or inland vessels, as the case may be,(inserted vide Section 31 of the Finance Act, 2025 W.e.f. 01.04.2026) ], which is not a qualifying ship, the income attributabl....

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....been made at the market value of such goods or services as on that date. However where, in the opinion of the Assessing Officer, the computation of the relevant shipping income in the manner herein before specified presents exceptional difficulties, the Assessing Officer may compute such income on such reasonable basis as he may deem fit. Note:- 'market value', in relation to any goods o....