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of <h1>Rule 11S Defines Average Net Tonnage Calculation for Chartered-In Tonnage Under Tonnage Tax Scheme for Shipping Companies</h1> Rule 11S of the Income Tax Rules, 1962, pertains to the computation of the average net tonnage for chartered-in tonnage under the tonnage tax scheme for shipping companies. It specifies that the limit for chartering-in qualifying ships, as referenced in section 115VV, is calculated by dividing the total number of chartered-in ton days by the total number of ton days operated by the company during any previous year. This rule is part of the statutory provisions governing taxation for shipping companies.
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