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of <h1>Shipping Companies Gain Tax Clarity with Expanded Tonnage Tax Definitions Under Clause 235 of Income Tax Bill 2025</h1> The text analyzes Clause 235 of the Income Tax Bill, 2025, comparing it with Section 115V of the Income-tax Act, 1961, focusing on definitional provisions for shipping companies' taxation. The clause provides comprehensive definitions for key terms like qualifying ships, bareboat charters, and place of effective management, expanding the tonnage tax scheme's scope to include inland vessels. It aims to enhance clarity, prevent tax avoidance, and align with international tax standards while promoting the Indian shipping industry's competitiveness.
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