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Calculation of Net Tonnage Factor for Financial Year 2020-21 - reg.
Applicable to:
Tonnage Tax Companies with Space/Slot arrangements
Effective Date:
Financial Year 2020-21 (AY 2021-22)
Superseded Circulars:
None mentioned
Key Changes and Requirements
1. Net Tonnage Factor for FY 2020-21
The Net Tonnage Factor for the financial year 2020-21 (AY 2021-22) has been calculated as 9709.
- Calculation: Aggregate Net Tonnage of qualifying ships registered under the Merchant Shipping Act, 1958 at the end of the preceding financial year divided by the total number of such ships at the end of the preceding financial year.
2. Calculation of Minimum Training Requirement
To calculate the minimum training requirement for space/slot arrangements, use the Net Tonnage Factor of 9709 in conjunction with the net tonnage of slot/space charters calculated under the CBDT notification dated 29.03.05.
Important Note
Companies are advised to calculate and comply with the minimum training requirement as per the guidelines issued by the Government of India.
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