115VW. An option for tonnage tax scheme by a tonnage tax company shall not have effect in relation to a previous year unless such companyâ
(i) | maintains separate books of account in respect of the business of operating qualifying ships; and |
(ii) | furnishes, along with the return of income for that previous year, the report of an accountant, in the prescribed form duly signed and verified by such accountant. |
Explanation.âFor the purposes of this section, “accountant” shall have the same meaning as in the Explanation below sub-section (2) of section 288.
[Updated up to Finance Act 2017]