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.

Note:

1. Substituted by Finance Act, 2020. Dated 01st February, 2020 

in clause (ii), for the words;

along with the return of income for that previous year

the following shall be substituted namely;

before the specified date referred to in section 44AB.