- Basic Training Commitment (BTC)
The BTC should relate to all vessels expected to be entered in the tonnage tax regime (owned/ chartered-in, slot/space chartered) at the date, the training commitment is to come into force. It represents the minimum level of training to be provided during the year by the tonnage tax opted company. The BTC, which will run from 1st April to 31st March, is to be submitted to Tonnage Tax Cell of the Directorate General of Shipping within 30 days on an annual basis i.e. by 30th April. Accordingly the due date for submission of BTC for the year 2005-06 by tonnage tax opted companies was by 30th April, 2005 (refer para 6 of TTC circular no. 2 dated 28.1.2005).
- Annual Adjustment (AA)
The Annual Adjustment (AA) is a retrospective update of the minimum training obligation made in the year .It accounts for actual training performance against the BTC, and for any additional training obligation arising as a result of a net increase/decrease in the number of qualifying ships operated during the preceding year by tonnage tax opted companies. Information as required under AA is required to be submitted to Tonnage Tax Cell of the Directorate General of Shipping within 30 days of the end of each year in prescribed form 2 within 30 days of the end of each year. Accordingly the due date for submission of Annual Adjustment for the year 2004-05 by tonnage tax opted companies was by 30th April,2005 (refer para 7.1 of TTC circular no. 2 dated 28.1.2005).
- Annual Return
The tonnage tax company shall furnish an annual return to the Tonnage Tax Cell of the Director General of Shipping within 45 days of the end of the financial year, providing the details required in form 6. Accordingly the due date for submission of Annual Return for the year 2004-05 by tonnage tax opted companies was by 15th May,2005 (refer para 7.1 of TTC circular no. 2 dated 28.1.2005).