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of <h1>Proposal to Amend Section 115VP: Extend Decision Time on Tonnage Tax Applications to Three Months Starting April 2025.</h1> The Union Budget 2025-26 proposes an amendment to section 115VP of the Income-tax Act, which deals with the tonnage tax scheme. Currently, the Joint Commissioner must pass an order approving or rejecting a company's application for the scheme within one month of receiving it. The amendment extends this period to three months from the end of the quarter in which the application is received, allowing more time for thorough verification and consideration. This change will apply to applications received on or after April 1, 2025.
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