Income-tax Act, 1961
Section - 115VW - Maintenance and audit of accounts
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-
Explanation.-For the purposes of this section, "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288.
| (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. |
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