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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.
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