https://www.taxtmi.com/manuals?id=1676 Section 115VV and Rule 11S restrict a tonnage tax company so that not more than 49% of the net tonnage of qualifying ships may be chartered in during a previous year, with average net tonnage computed by reference to chartered in ton days divided by total ton days. If the chartered in net tonnage exceeds the limit for a year, the company's total income for that year is computed as if the tonnage tax option did not apply; two consecutive years of breach cause the option to cease from the beginning of the subsequent previous year. Bareboat charter cum demise charters are excluded from chartered in treatment. en-us Fri, 28 Jul 2017 07:58:00 +0530 Wed, 09 Apr 2025 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1676 Section 115VV and Rule 11S restrict a tonnage tax company so that not more than 49% of the net tonnage of qualifying ships may be chartered in during a previous year, with average net tonnage computed by reference to chartered in ton days divided by total ton days. If the chartered in net tonnage exceeds the limit for a year, the company's total income for that year is computed as if the tonnage tax option did not apply; two consecutive years of breach cause the option to cease from the beginning of the subsequent previous year. Bareboat charter cum demise charters are excluded from chartered in treatment. Manuals Income Tax Fri, 28 Jul 2017 07:58:00 +0530 https://www.taxtmi.com/manuals?id=1676