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of <h1>Shipping Companies Get 10-Year Tax Regime with Clear Entry and Exit Conditions Under New Income Tax Bill Clause 231</h1> Concise Legal Summary (100 words):The Income Tax Bill, 2025, Clause 231(8)-(9) addresses the tonnage tax regime for shipping companies, establishing a ten-year fixed period for the tax option. The clause outlines specific conditions for cessation, including loss of qualifying status, compliance defaults, or voluntary exit. Companies must maintain eligibility and adhere to prescribed operational requirements. Upon cessation, standard corporate tax rules apply. Compared to the existing Section 115VQ of the Income-tax Act, 1961, the new provisions modernize language and consolidate compliance frameworks while maintaining substantive policy continuity. The approach aligns with international maritime taxation practices and aims to enhance regulatory clarity and administrative efficiency.
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