Form 65 - Income Tax Act

Form 65 is the prescribed form for companies to apply for exercising or renewing their option for the tonnage tax scheme under sections 115VP or 115VR of the Income Tax Act, 1961. This scheme allows shipping companies to pay taxes based on tonnage instead of profits.

Any company who owns or charters a qualifying ship and fulfills the conditions laid out in Chapter XII-G of the Income Tax Act can apply for the tonnage tax scheme using Form 65.

Companies need to submit Form 65 whenever they want to exercise the tonnage tax option for the first time or renew their existing option upon expiry.

Form 65 requires details like the company's name, address, permanent account number (PAN), information about qualifying ships, the scheme option being exercised or renewed, and declarations from authorized signatories.

No, there is no fee prescribed for filing Form 65 as per the Income Tax Rules.

The duly filled Form 65 has to be submitted to the jurisdictional Assessing Officer having jurisdiction over the company's case.

No, once Form 65 is submitted, it cannot be revised. Companies will have to apply afresh with a new Form 65 if they need to make any changes.

For exercising a new tonnage tax option, Form 65 needs to be submitted on or before the due date of filing the tax return for that assessment year. For renewals, it needs to be submitted at least 3 months prior to the start of the relevant previous year.

Companies need to attach certified copies of qualification certificates for ships, registration certificates, and declarations from directors/partners along with Form 65.

If the Assessing Officer finds Form 65 defective or incomplete, they may provide an opportunity to rectify the defects/omissions. However, if not rectified within the given timeframe, the application may be invalidated.