- 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.Explanation. - For the purposes of this section, "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288.
