115VD Income Tax Act - Qualifying ship

Section 115VD of Income Tax Act 1961 - Qualifying ship

For the purposes of this Chapter, a ship is a qualifying ship if-

(a) it is a sea going ship or vessel 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); and

(i) a sea going ship or vessel if the main purpose for which it is used is the provision of goods or services of a kind normally provided on land;

(ii) fishing vessels;

(iii) factory ships;

(iv) pleasure crafts;

(v) harbour and river ferries;

(vi) offshore installations;

1 * * * *

(viii) a qualifying ship which is used as a fishing vessel for a period of more than thirty days during a previous year.

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1. Clause (vii) omitted by Act 18 of 2005, s. 36 (w.e.f 1-4-2006).