1961Section 115VW

115VW. Maintenance and audit of accounts.

In the 2025 Act1 match · Unreviewed

2025 Section 232Merged · Unreviewed · Compare

From the Income Tax Department's correspondence.

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, 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.

Income-tax Act, 1961: text as on 22 May 2026 · Official source ↗ ·