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of <h1>Qualifying company may opt into tonnage tax scheme; apply within three months, Joint Commissioner must decide under section 80LA</h1> A qualifying company may opt into the tonnage tax scheme by applying to the Joint Commissioner in the prescribed form. Applications in the initial window were confined to 30 Sept-1 Jan 2005; companies incorporated or first qualifying after that period may apply within three months of incorporation or qualification. A Unit of an International Financial Services Centre that availed deduction under section 80LA may apply within three months after that deduction ceases. The Joint Commissioner may call for information, must give a reasonable opportunity to be heard before refusing, and must issue approval or refusal within one month from the end of the month of receipt (three months from the end of the quarter for applications on/after 1 Apr 2025). If approved, the scheme applies from the assessment year relevant to the previous year in which the option was exercised.
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