CHAPTER XII-G
SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING COMPANIES
Maintenance and audit of accounts.
115VW. An option for tonnage tax scheme by a tonnage tax company shall not have effect in relation to a previous year unless such company-
(i) maintains separate books of account in respect of the business of operating qualifying ships; and
(ii) furnishes, 1[before the specified date referred to in section 44AB], the report of an accountant, in the prescribed form duly signed and verified by such accountant.
Explanation.-For the purposes of this section, "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288.
Note:
1. Substituted by Finance Act, 2020. Dated 01st February, 2020
in clause (ii), for the words;
along with the return of income for that previous year
the following shall be substituted namely;
before the specified date referred to in section 44AB.