Income-tax Act, 1961

Relevant shipping income.

115V-I. (1) For the purposes of this Chapter, the relevant shipping income of a tonnage tax company means-

(i)	-	its profits from core activities referred to in sub-section (2);
(ii)	-	its profits from incidental activities referred to in sub-section (5):

Providedthat where the aggregate of all such incomes specified in clause (ii) exceeds one-fourth per cent of the turnover from core activities referred to in sub-section (2), such excess shall not form part of the relevant shipping income for the purposes of this Chapter and shall be taxable under the other provisions of this Act.

(2) The core activities of a tonnage tax company shall be-

(i)	-	its activities from operating qualifying ships; and
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