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of <h1>Shipping Companies Get Tax Boost: Clause 228 Streamlines Tonnage Tax Regime with Modernized Income Calculation Framework</h1> Concise Legal Summary (100 words):The Income Tax Bill, 2025, Clause 228 introduces a refined tonnage tax regime for shipping companies, maintaining the core structure of the existing Section 115VI of the Income-tax Act, 1961. The provision establishes a simplified taxation method based on net tonnage of qualifying ships, defining relevant shipping income, core and incidental activities, and implementing anti-avoidance mechanisms. Key features include government notification powers, parliamentary oversight, and provisions preventing tax manipulation through related party transactions. The clause preserves the existing framework while modernizing language and incorporating recent industry developments, providing a stable and predictable tax environment for shipping businesses.
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