CHAPTER XIIG – Special provisions relating to income of shipping companies
Here’s the section-wise analysis of CHAPTER XIIG – Special provisions relating to income of shipping companies of the Income-tax Act, 1961 comparing with the Income-tax Act, 2025:
| Section (1961) | Section heading as per Income-tax Act, 1961 | Corresponding Section (Income-tax Act, 2025) |
|---|---|---|
| 115V | Definitions. | Section-235 |
| 115VA | Computation of profits and gains from the business of operating qualifying ships. | Section-225 |
| 115VB | Operating ships. | Section-226(1) |
| 115VC | Qualifying Company | Section-235(h) |
| 115VD | Qualifying Ship | Section-235(i) |
| 115VE | Manner of computation of income under tonnage tax scheme | Section-226(2) to (6) |
| 115VF | Tonnage income | Section-226(7) |
| 115VG | Computation of tonnage income | Section-227(1) to (6) |
| 115VH | Calculation in case of joint operation, etc. | Section-227(7) & (8) |
| 115V-I | Relevant shipping income. | Section-228(1) to (13) |
| 115VJ | Treatment of common costs. | Section-228(14) & (15) |
| 115VK | Depreciation. | Section-229(1) to (7) |
| 115VL | General exclusion of deduction and set off, etc. | Section-230(1) |
| 115VM | Exclusion of loss. | Section-230(2) to (4) |
| 115VN | Chargeable gains from transfer of tonnage tax assets. | Section-229(8) to (10) |
| 115V-O | Exclusion from provisions of section 115JB. | Section-228(16) |
| 115VP | Method and time of opting for tonnage tax scheme. | Section-231(1) to (7) |
| 115VQ | Period for which tonnage tax option to remain in force. | Section-231(8) & (9) |
| 115VR | Renewal of tonnage tax scheme. | Section-231(10) & (11) |
| 115VS | Prohibition to opt for tonnage tax scheme in certain cases. | Section-231(12) |
| 115VT | Transfer of profits to Tonnage Tax Reserve Account. | Section-232(1) to (11) |
| 115VU | Minimum training requirement for tonnage tax company. | Section-232(12) to (14) |
| 115VV | Limit for charter in of tonnage. | Section-232(15) to (20) |
| 115VW | Maintenance of audit of accounts. | Section-232(21) |
| 115VX | Determination of tonnage. | Section-227(9) |
| 115VY | Amalgamation. | Section-233(1) to (4) |
| 115VZ | Demerger. | Section-233(5) & (6) |
| 115VZA | Effect of temporarily ceasing to operate qualifying ships. | Section-232(22) & (23) |
| 115VZB | Avoidance of tax and exclusion from tonnage tax scheme. | Section-234(1) to (3) |
| 115VZC | Exclusion from tonnage tax scheme. | Section-234(4) to (7) |
CHAPTER XIIH – Income-tax on fringe benefits
Here’s the section-wise analysis of CHAPTER XIIH – Income-tax on fringe benefits of the Income-tax Act, 1961 comparing with the Income-tax Act, 2025:
| Section (1961) | Section heading as per Income-tax Act, 1961 | Corresponding Section (Income-tax Act, 2025) |
|---|---|---|
| 115W | Definitions. | Redundant |
| 115WA | Charge of fringe benefit tax. | Redundant |
| 115WB | Fringe benefits. | Redundant |
| 115WC | Value of fringe benefits. | Redundant |
| 115WD | Return of fringe benefits. | Redundant |
| 115WE | Assessment. | Redundant |
| 115WF | Best judgment assessment. | Redundant |
| 115WG | Fringe benefits escaping assessment. | Redundant |
| 115WH | Issue of notice where fringe benefits have escaped assessment. | Redundant |
| 115WI | Payment of fringe benefit tax. | Redundant |
| 115WJ | Advance tax in respect of fringe benefits. | Redundant |
| 115WK | Interest for default in furnishing return of fringe benefits. | Redundant |
| 115WKA | Recovery of fringe benefit tax by the employer from the employee. | Redundant |
| 115WKB | Deemed payment of tax by employee. | Redundant |
| 115WL | Application of other provisions of this Act. | Redundant |
| 115WM | Chapter XII-H not to apply after a certain date. | Redundant |
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