{"act":{"id":"finance-act-2025","short_title":"The Finance Act, 2025","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2025-2026.","act_number":"7","act_year":2025,"enact_date":"2025-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":153,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2025/"},"unit":"section","section":{"number":"31","heading":"Amendment of section 115V-I","text":"Amendment of section 115V-I. 31.  In section 115V-I of the Income-tax Act, with effect from the 1st April, 2026,— (a) | in sub-section (2), in clause (ii),— (i) | for the words \"other ship-related activities\", the words \"other ship-related or inland vessel related activities, as the case may be,\" shall be substituted; (ii) | in sub-clause (A), in the Explanation, in clause (a), after the words \"more ships\", the words \"or inland vessels, as the case may be,\" shall be inserted; (b) | in sub-section (6), after the words \"any ship\", the words \"or inland vessel, as the case may be,\" shall be inserted.","html":"<p><b>Amendment of section 115V-I.</b></p><p><b>31. </b> In section 115V-I of the Income-tax Act, with effect from the 1st April, 2026,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (2), in clause (<i>ii</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for the words \"other ship-related activities\", the words \"other ship-related or inland vessel related activities, as the case may be,\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in sub-clause (<i>A</i>), in the <i>Explanation</i>, in clause (<i>a</i>), after the words \"more ships\", the words \"or inland vessels, as the case may be,\" shall be inserted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (6), after the words \"any ship\", the words \"or inland vessel, as the case may be,\" shall be inserted.</td></tr></table></div>","words":104,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2025/section/31/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}