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of <h1>Shipping Firms Get One-Year Window to Renew Tonnage Tax Option Under New Income Tax Bill Provisions</h1> The text analyzes renewal provisions for tonnage tax in the Income Tax Bill, 2025, comparing them with existing Section 115VR of the Income-tax Act, 1961. The provisions establish a one-year window for shipping companies to renew their tonnage tax scheme option, ensuring continued tax benefits while maintaining regulatory oversight. The new bill clarifies procedural requirements, introduces an ineligibility period for non-compliance, and aims to provide stability and transparency in the taxation of shipping companies.
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