Amendment status not verified — confirm the current text below against the official source.
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. Substituted for "along with the return of income for that previous year" by the Act No. 12 of 2020, w.e.f. 01/04/2020. See rule 11T and Form No. 66. Under proviso to rule 12(2) audit report shall be furnished electronically.