(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 and 115VQ 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.
Section 115VJ Treatment of common costs
Section 115VL General exclusion of deduction and set off, etc
Section 115VM Exclusion of loss
Section 115VN Chargeable gains from transfer of tonnage tax assets
Section 115VO Exclusion from provisions of section 115JB
Section 115VP Method and time of opting for tonnage tax scheme
Section 115VQ Period for which tonnage tax option to remain in force
Section 115VR Renewal of tonnage tax scheme
Section 115VS Prohibition to opt for tonnage tax scheme in certain cases