Subject to the other provisions of this Chapter, the tonnage income shall be computed in accordance with section 115VG and the income so computed shall be deemed to be the profits chargeable under the head "Profits and gains of business or profession" and the relevant shipping income referred to in sub-section (1) of section 115V-I shall not be chargeable to tax.
Section 115VA Computation of profits and gains from the business of operating qualifying ships
Section 115VC Qualifying company
Section 115VE Manner of computation of income under tonnage tax scheme
Section 115VG Computation of tonnage income