India - Income Tax Act 2010 - Saarc

S. 115VW I.T. ACT, 1961 1.592(2) The tonnage tax company shall be required to furnish a copy of the certificateissued by the Director-General of Shipping along with the return of income 48under section 139 to the effect that such company has complied with theminimum training requirement in accordance with the guidelines referred to insub-section (1) for the previous year.(3) If the minimum training requirement is not complied with for any fiveconsecutive previous years, the option of the company for tonnage tax schemeshall cease to have effect from the beginning of the previous year following thefifth consecutive previous year in which the failure to comply with the minimumtraining requirement under sub-section (1) had occurred.Limit for charter in of tonnage. 49115VV. (1) In the case of every company which has opted for tonnage taxscheme, not more than forty-nine per cent of the net tonnage of thequalifying ships operated by it during any previous year shall be chartered in.(2) The proportion of net tonnage referred to in sub-section (1) in respect of aprevious year shall be calculated based on the average of net tonnage during thatprevious year.(3) For the purposes of sub-section (2), the average of net tonnage shall becomputed in such manner as may be prescribed in consultation with theDirector-General of Shipping.(4) Where the net tonnage of ships chartered in exceeds the limit under subsection(1) during any previous year, the total income of such company in relationto that previous year shall be computed as if the option for tonnage tax schemedoes not have effect for that previous year.(5) Where the limit under sub-section (1) had exceeded in any two consecutiveprevious years, the option for tonnage tax scheme shall cease to have effect fromthe beginning of the previous year following the second consecutive previousyear in which the limit had exceeded.Explanation.—For the purposes of this section, the term “chartered in” shallexclude a ship chartered in by the company on bareboat charter-cumdemiseterms.Maintenance and audit of accounts.115VW. An option for tonnage tax scheme by a tonnage tax company shall nothave effect in relation to a previous year unless such company—(i) maintains separate books of account in respect of the business ofoperating qualifying ships; and(ii) furnishes, along with the return of income for that previous year, thereport of an accountant, in the prescribed form 50 duly signed andverified by such accountant.48. Rule 12 provides that the return of income shall not be accompanied by any document orcopy of any account or form or report of audit required to be attached with return ofincome under any of the provisions of the Act.49. See rule 11S.50. See rule 11T and Form No. 66. Rule 12 provides that the return of income shall not beaccompanied by any document or copy of any account or form or report of audit requiredto be attached with return of income under any of the provisions of the Act.