Section - 34 - Finance Acts

Section - 34 - Amendment of section 115VT

Amendment of section 115VT.

34. In section 115VT of the Income-tax Act, with effect from the 1st April, 2026,-

(i)	-	in sub-section (3), after the words "new ship" at both the places where they occur, the words "or new inland vessel, as the case may be" shall be inserted;
(ii)	-	in sub-section (4), in clause (c), for the words, brackets, letter and figure "as specified in clause (a) of sub-section (3), but such ship", the words, brackets, letter and figure "or new inland vessel, as the case may be, as specified in clause (a) of sub-section (3), but such ship or inland vessel, as the case may be," shall be substituted;
(iii)	-	in the Explanation, for the words 'section, "new ship" includes', the words 'section, "new ship or new inland vessel", as the case may be, includes' shall be substituted.