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Last Submission of returns prescribed under tonnage tax regime
Applicable to:
Tonnage Tax Opted Companies
Effective Date:
Nov 28, 2005
Key Changes and Requirements
1. Submission Deadlines and Penalties
Several companies have missed the deadlines for submitting their Basic Training Commitment (BTC), Annual Adjustment (AA), and Annual Return for the 2004-05 financial year. Late submissions have been accepted until end of September 2005.
- Late Submission Charges: Rs. 10,000 per week or part thereof for delay in submission of BTC, AA, and Annual Return.
Action Required: Submit outstanding returns and pay late fees, if applicable.
Important Note
Non-compliance may result in further penalties or legal action.
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