Printed from www.taxmann.com FORM NO. 66 [See rule 11T] Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961 1. Name of the Company : 2. PAN : 3. Assessment year : 4. Option for tonnage tax effective from assessment year : 5. Remarks, if any : 6. (a) Whether separate books of account are maintained in respect of the business of operating qualifying ships Yes No (b) If yes, list of books of account maintained (in case books of account are maintained in a computer system, mention the books of account generated by such computer system). (c) List of books of account examined. 7. Limit for charter-in : Whether correctly computed keeping in view the limit of 49% under section 115VV. 8. Relevant shipping income : (i) Profits from core activities referred to in sub- section (2) of section 115V-I, and (ii) Whether profits from incidental activities exceed 0.25 per cent of the turnover from core activities. 9. Tonnage tax reserve account : (i) Certify the book profit (ii) Minimum reserve created (iii) Reserve utilized in the manner laid down under sub-section (3) of section 115VT 10. Computation of tonnage income under section 115VG *Name of the qualifying ship Net tonnage / deemed tonnage Owned / chartered Kind of charter** Daily tonnage income No. of days operated Tonnage income (56) 1 2 3 4 5 6 7 11. Details of transactions by the company with related parties 12. Depreciation : I. Computation of depreciation in accordance with the Printed from www.taxmann.com provisions of section 115VK of the Income-tax Act, 1961 in the case of qualifying assets and other assets, as the case may be, in the following form [to be given only in case of the first year in tonnage tax scheme]: II. Particulars of depreciation allowable as per the Income-tax Act, 1961 in respect of each qualifying asset or block of qualifying assets, as the case may be, in the following form : (a) Description of asset/block of assets. (b) Rate of depreciation. (c) Actual cost or written down value, as the case may be. (d) Additions/deductions during the year with dates, in the case of any addition of an asset, date on which put to use including adjustments on account of (i) Modified Value Added Tax credit claimed and allowed under the Central Excise Rules, 1944 or Central Excise Rules, 2002, as the case may be, in respect of assets acquired on or after 1st March, 1994, (ii) change in rate of exchange of currency, and (iii) subsidy or grant of reimbursement, by whatever name called. (e) Depreciation allowable. (f) Written down value at the end of the year. 13. Details of assets (other than ships), if any, not used exclusively for the tonnage tax business : 14. Details of losses relating to the business of operating qualifying ships, if any : *There is no need to mention the name of the ship, income from which is computed on deemed tonnage basis. **Certificate of charter-in/out on Time Charter, Voyage Charter, Bare Boat Charter and Bare Boat Charter cum demise basis. Declaration *I/We report that the statutory audit of________________________________________________________________________________________ ___________________________________(mention name, address and permanent account number of the company) was conducted by *me/us/M/s_______________________________________ *I/We have obtained the information and explanations which to the best of *my/our knowledge and belief were necessary for the purposes of ascertaining the profits of the said assessee derived from the business of operating qualifying ships. In *my/our opinion and to the best of *my/our information and according to the explanations given to *me/us the particulars given in the report are true and correct. Date Printed from www.taxmann.com Place Signed #Accountant Notes : 1. *Delete whichever is not applicable. 2. #This report is to be given by : (i) A chartered accountant within the meaning of Chartered Accountants Act, 1949 (38 of 1949); or (ii) Any person who, in relation to any State, is by virtue of the provisions in sub-section (2) of section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State; (iii)Where any of the matter stated in this report is answered in the negative or with a qualification, the report shall state the reasons therefor. 3. Formula for conversion of TEUs into NT (Slot Charter) (i) In addition to loading containers on their own container vessels, shipping companies also hire slots on container ships (not owned by them) plying on various routes. These slots could be hired for a sector voyage or on long term basis,
