SUBSCRIBE(free)-Daily Updates (Click Verification Link Received in Your Email)

Rule 11Q of Income Tax Rules 1962: Computation Of Deemed Tonnage

Rule 11Q : Computation of deemed tonnage
(Chapter: II, Part G. - Tonnage Tax Scheme For Shipping Companies)

(1) For the purpose of the Explanation to sub-section (4) of section 115VG, deemed tonnage in respect of an arrangement of purchase of slots and slot charter shall be computed (illustrative formula given in Note 3 appearing after the corresponding Form No. 66) on the following basis :
2.5 TEU = 1 Net Tonnage (1 NT)

where TEU is Twenty foot Equivalent Unit (Container of this size)


(2) Computation of deemed tonnage (illustrative formula given in Note 4 appearing after the corresponding Form No. 66) in respect of an arrangement of sharing of break-bulk vessel shall be made on the following basis :
(i) in case where cargo is restricted by volume :
  19 cubic meter (cbm) = 1 net tonnage (1 NT); and
(ii) in case where cargo is restricted by weight
  14 metric tons = 1 net tonnage (1 NT)




Extra Notes for Readers:

- Rule 11Q was introduced by the Income Tax (8th Amendment) Rules, 2005, w.e.f. 1-4-2005



Reference/Source: Check at Income Tax site for latest version of the Rules - link


This page was last updated on 17th October 2016.
Submit/See Comments With: or

No comments:

Post a Comment