Renewal of tonnage tax scheme - Section 115VR - Income Tax - Ready Reckoner - Income Tax

Renewal of tonnage tax scheme - Section 115VR (1) An option for tonnage tax scheme approved under sub-section (3) of section 115VP may be renewed within one year from the end of the previous year in which the option ceases to have effect. (2) The provisions of sections 115VP relating to method and time for opting for tonnage tax and 115VQ relation to period for which tonnage tax shall remain in force or cease to have effect, shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option for tonnage tax scheme.