Section 115VD Income Tax Act 2025
Qualifying ship.
42 115VD. For the purposes of this Chapter, a ship 41[or inland vessel, as the case may be,] is a qualifying ship if-
| (a) | | it is a seagoing ship or vessel 41[, or inland vessel, as the case may be,] of fifteen net tonnage or more; |
| (b) | | it is a ship registered under the Merchant Shipping Act, 1958 (44 of 1958), or a ship registered outside India in respect of which a licence has been issued by the Director-General of Shipping under section 406 or section 407 of the Merchant Shipping Act, 1958 (44 of 1958) 41[or an inland vessel registered under the Inland Vessels Act, 2021 (24 of 2021), as the case may be]; and |
| (c) | | a valid certificate in respect of such ship 41[or inland vessel, as the case may be,] indicating its net tonnage is in force, |
but does not include-
| (i) | | a seagoing ship or vessel 41[or inland vessel, as the case may be,] if the main purpose for which it is used is the provision of goods or services of a kind normally provided on land; |
| (v) | | harbour and river ferries; |
| (vi) | | offshore installations; |
| (viii) | | a qualifying ship which is used as a fishing vessel for a period of more than thirty days during a previous year. |