Section - 115VF (of Income Tax Act, 1961), Tonnage income
Section - 115VF (of Income Tax Act, 1961), Tonnage income
Tonnage income.
Subject to the other provisions of this Chapter, the tonnage income shall be computed in accordance with section 115VG (of Income Tax Act, 1961) 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 (of Income Tax Act, 1961) shall not be chargeable to tax.
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