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of <h1>Shipping Companies' Tax Depreciation: Refined Calculation Methods Under Clause 229 Balancing Asset Classification and Valuation</h1> Concise Summary:The text analyzes Clause 229 of the Income Tax Bill, 2025, comparing it with Section 115VK of the Income-tax Act, 1961, regarding depreciation and asset classification for shipping companies under the tonnage tax regime. The provisions establish methods for calculating depreciation, apportioning written down value between qualifying and non-qualifying assets, and tracking asset reclassification. While largely similar, the new clause offers improved clarity through explicit formulas and definitions, though potential gaps in anti-abuse measures remain.
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