Section 115VW - Maintenance and audit of accounts - Income-tax Act, 1961

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. *************** NOTES:- 1. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as along with the return of income for that previous year