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of <h1>Income Tax Rule 11Q: Calculating Deemed Tonnage for Shipping Companies Using Tonnage Tax Scheme Explained</h1> The Income Tax Rules, 1962, under Rule 11Q, outline the computation of deemed tonnage for shipping companies under the tonnage tax scheme. For arrangements involving the purchase of slots and slot charter, deemed tonnage is calculated using the formula where 2.5 TEU (Twenty-foot Equivalent Unit) equals 1 Net Tonnage (NT). For sharing break-bulk vessels, the computation is based on cargo restrictions: 19 cubic meters equals 1 NT if restricted by volume, and 14 metric tons equals 1 NT if restricted by weight. These provisions were introduced by the Income-tax (Eighth Amendment) Rules, 2005, effective from April 1, 2005.
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