Method of opting of tonnage tax scheme and validity.

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..... s prescribed, for such scheme. (2) A qualifying company may make an application within three months, of the date of its incorporation, or of the date on which it becomes a qualifying company for the first time. (3) A Unit of an International Financial Services Centre which has availed of deduction under section 147 may make an application within three months from the date on which such deduction .....

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..... ed before the expiry of three months from the end of the quarter in which the application under sub-section (1) was received. (7) Where an order granting approval is passed under sub-section (4), the provisions of this Part shall apply from the tax year in which the option for tonnage tax scheme is exercised. (8) An option for tonnage tax scheme, after it has been approved under sub-section (4), .....

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..... er other provisions of this Act. (10) An option for tonnage tax scheme approved under sub-section (4) may be renewed within one year from the end of the tax year in which the option ceases to have effect. (11) The provisions of sub-sections (1) to (10) shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option .....

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