https://www.taxtmi.com/acts?id=3257 An option to adopt the tonnage tax regime, once approved, remains in force for ten years from exercise and applies from the assessment year relevant to the previous year in which it is exercised. The option ceases from the assessment year in which the qualifying company ceases to qualify, defaults in complying with chapter conditions, is excluded from the scheme, or files a written declaration to the Assessing Officer, after which profits from qualifying ships are computed under the other provisions of the Act. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 24 Jun 2025 11:41:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3257 An option to adopt the tonnage tax regime, once approved, remains in force for ten years from exercise and applies from the assessment year relevant to the previous year in which it is exercised. The option ceases from the assessment year in which the qualifying company ceases to qualify, defaults in complying with chapter conditions, is excluded from the scheme, or files a written declaration to the Assessing Officer, after which profits from qualifying ships are computed under the other provisions of the Act. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3257