Income-tax Act, 1961 · Chapter XII: G · D.—Conditions for applicability of tonnage tax scheme
Section 115VW: Maintenance and audit of accounts
The Income-tax Act, 1961 was repealed by the Income-tax Act, 2025 from 1 April 2026. The text is kept here because the judgments below apply it.
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, along with the return of income for that previous year, 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.
Source: India Code (Legislative Department), the text of the Act as it stood before its repeal. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 115VW
No Supreme Court judgment in our database cites this section yet.