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of <h1>Companies Must Comply with Section 115VW for Tonnage Tax Scheme Eligibility: Key Financial and Operational Data Required</h1> The audit report under section 115VW of the Income-Tax Act, 1961, requires companies to provide detailed financial and operational data related to their shipping business. Key elements include the maintenance of separate books for qualifying ships, computation of relevant shipping income, and adherence to the 49% charter-in limit under section 115VV. The report also covers the tonnage tax reserve account, depreciation calculations for qualifying assets, and details of transactions with related parties. Additionally, it includes formulas for converting cargo capacity into net tonnage and outlines incidental activities contributing to shipping income. Compliance with these requirements determines eligibility for the tonnage tax scheme.
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