Maintenance and audit of accounts - Section 115VW - Income Tax - Ready Reckoner - Income Tax

Maintenance and audit of accounts - Section 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, 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. Note: The report of an accountant, in Form No. 66 duly signed and verified by the Chartered Accountant shall be furnished atleast 1 month before due date of furnishing ROI. In the event of non-compliance of these requirements for any previous year, the option of the company for tonnage tax scheme would not have effect for that previous year.