Amendment of section 232

In force Act 4 of 2026 As on 09 Oct 2026

Act 4 of 2026 Ministry Finance Cited by 1 provision

Section 63 of the Finance Act, 2026 deals with amendment of section 232. Amendment of section 232. 63. In section 232 of the Income-tax Act,— (a) | for sub-sections (12) and (13), the following sub-sections shall be substituted, namely:— "(12) A tonnage tax company, after its option has been approved under section 231(4), shall comply with the minimum training requiremen

Amendment of section 232.
63. In section 232 of the Income-tax Act,—
(a) for sub-sections (12) and (13), the following sub-sections shall be substituted, namely:—
"(12) A tonnage tax company, after its option has been approved under section 231(4), shall comply with the minimum training requirement as per the guidelines issued by the Director-General of Shipping or the Inland Waterways Authority of India, as the case may be, and notified by the Central Government.
(13) The tonnage tax company shall be required to furnish a copy of the certificate issued by the Director-General of Shipping, or the designated authority, as appointed by the respective State Governments under the Inland Vessels Act, 2021 (24 of 2021), as the case may be, along with the return of income under section 263 to the effect that such company has complied with the minimum training requirement as per the guidelines referred to in sub-section (12) for the tax year.";
(b) in sub-section (17), after the words "Director-General of Shipping", the words "or Inland Waterways Authority of India, as the case may be" shall be inserted.
Section 63, The Finance Act, 2026 (Act 4 of 2026).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 232 Recovery by suit or under other law not affected

Referred to by 1

s. 96 Substitution of new sections for sections 427 and 428

Questions about Section 63

What does Section 63 of the Finance Act deal with?

Section 63 of the Finance Act is headed "Amendment of section 232". Amendment of section 232. 63. In section 232 of the Income-tax Act,— (a) | for sub-sections (12) and (13), the following sub-sections shall be substituted, namely:— "(12) A tonnage tax company, after its option has been approved under section 231(4), shall comply with the minimum training requiremen

How do I find court cases under Section 63 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2026 63, section 63 Finance Act 2026, section 63 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 63 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 232 (Recovery by suit or under other law not affected), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2026 as Act 4 of 2026. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. -11686 words
3. Income-tax under Act 30 of 20258033 words
Fourth Schedule. -4078 words
2. Income-tax under Act 43 of 19612736 words
26. Substitution of new sections for sections 276B, 276BB, 276C, 276CC, 276CCC and 276D1437 words
Fifth Schedule. -1363 words

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(a)		for sub-sections (12) and (13), the following sub-sections shall be substituted, namely:—
		"(12) A tonnage tax company, after its option has been approved under section 231(4), shall comply with the minimum training requirement as per the guidelines issued by the Director-General of Shipping or the Inland Waterways Authority of India, as the case may be, and notified by the Central Government.
		(13) The tonnage tax company shall be required to furnish a copy of the certificate issued by the Director-General of Shipping, or the designated authority, as appointed by the respective State Governments under the Inland Vessels Act, 2021 (24 of 2021), as the case may be, along with the return of income under section 263 to the effect that such company has complied with the minimum training requirement as per the guidelines referred to in sub-section (12) for the tax year.";
(b)		in sub-section (17), after the words "Director-General of Shipping", the words "or Inland Waterways Authority of India, as the case may be" shall be inserted.