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of <h1>Amalgamated shipping companies under Section 115VY must exercise tonnage tax option within three months of scheme approval</h1> Section 115VY governs amalgamation of shipping companies under the tonnage tax scheme. When companies amalgamate, tonnage tax provisions apply to the amalgamated company if it qualifies. Non-tonnage tax amalgamated companies must exercise tonnage tax option within three months of scheme approval. Where amalgamating companies are tonnage tax companies, provisions apply for the longest unexpired option period. If an amalgamating company was qualifying but didn't exercise the initial tonnage tax option, the amalgamated company cannot use tonnage tax scheme and must compute income under regular tax provisions.
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