Maintenance and audit of accounts.
- 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, alongwith the return of income for that previous year, the report of an accountant, in the prescribed form duly signed and verified by such accountant.Disclaimer: This section is reproduced for general informational and reference purposes only. Always verify against the latest official gazette and consult a qualified advocate before relying on any provision.