Tonnage tax option application requires full ship particulars, renewal disclosures, and proper verification before filing. Application is prescribed for a company to exercise or renew the option for the tonnage tax scheme. The form requires particulars of the applicant company, directors, qualifying status, deduction history, and detailed disclosure of ships or inland vessels owned, chartered in, and chartered out, with supporting annexures for registration, tonnage certificates, approvals, and earlier option orders. Renewal applications must also disclose earlier exercise of the option, compliance defaults, exclusion from the scheme, and voluntary opt-out. The application must be filed with the jurisdictional Joint Commissioner and signed and verified by the appropriate company officer.