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of <h1>Tonnage tax option valid for 10 years; ceases on non-compliance with sections 115VT, 115VU, 115VV, or opting out.</h1> The tonnage tax option, once approved by the Joint Commissioner, remains valid for ten years starting from the assessment year relevant to the previous year when the option is exercised. This option ceases if the company no longer qualifies, defaults on compliance with sections 115VT, 115VU, or 115VV, is excluded under section 115VZC, or if the company submits a written declaration to the Assessing Officer opting out of the scheme, choosing instead to compute profits and gains under other provisions of the Income Tax Act.
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