- In this Chapter, unless the context otherwise requires,-(a)"bareboat charter" means hiring of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew;(b)"bareboat charter-cum-demise" means a bareboat charter where the ownership of the ship is intended to be transferred after a specified period to the company to whom it has been chartered;(c)"Director-General of Shipping" means the Director-General of Shipping appointed by the Central Government under sub-section (1) of section 7 of the Merchant Shipping Act, 1958 (44 of 1958);(d)"factory ship" includes a vessel providing processing services in respect of processing of the fishing produce;(e)"fishing vessel" shall have the meaning assigned to it in clause (12) of section 3 of the Merchant Shipping Act, 1958 (44 of 1958);(f)"pleasure craft" means a ship of a kind whose primary use is for the purposes of sport or recreation;(g)"qualifying company" means a company referred to in section 115-VC;(h)"qualifying ship" means a ship referred to in section 115-VD;(i)"seagoing ship" means a ship if it is certified as such by the competent authority of any country;(j)"tonnage income" means the income of a tonnage tax company computed in accordance with the provisions of this Chapter;(k)"tonnage tax activities" means the activities referred to in sub-sections (2) and (5) of section 115-VI;(l)"tonnage tax company" means a qualifying company in relation to which tonnage tax option is in force;(m)"tonnage tax scheme" means a scheme for computation of profits and gains of business of operating qualifying ships under the provisions of this Chapter.B.-Computation of tonnage income from business of, operating qualifying ships
