Computation of tonnage income.

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....sub-section (1), the tonnage income of each qualifying ship shall be computed as per the following formula:-- TI= DTI x N where,- TI = the tonnage income of each qualifying ship; DTI = the daily tonnage income of each qualifying ship; N = the number of days in the tax year or in part of the tax year in case the ship is operated by the company as a qualifying ship for only part of the tax....

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....ay be, indicated in the certificate referred to in sub-section (9); and (b) include the deemed tonnage, being the tonnage in respect of an arrangement of purchase of slots, slot charter and an arrangement of sharing of break-bulk vessel, computed in the manner, as may be prescribed. (5) The tonnage shall be rounded off to the nearest multiple of hundred tons and for this purpose any tonnage con....

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....pective shares are definite and ascertainable, the tonnage income of each such company shall be an amount equal to a share of income proportionate to its share of that interest. (8) Subject to the provisions of sub-section (7), where two or more companies are operators of a qualifying ship, the tonnage income of each company shall be computed as if each had been the only operator. (9) For the pu....