Income-tax Act, 1961

Section - 115VD - Qualifying ship

Qualifying ship.

115VD. For the purposes of this Chapter, a ship ⁵⁸[or inland vessel, as the case may be,] is a qualifying ship if-

(a)	-	it is a seagoing ship or vessel ⁵⁸[, 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) ⁵⁸[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 ⁵⁸[or inland vessel, as the case may be,] indicating its net tonnage is in force,