Tax deduction for oil and gas undertakings expanded with new eligibility criteria, licensing aggregation and fixed time limits on commencement. The amendment substitutes sub-section (9) to grant a hundred per cent deduction of profits for seven consecutive assessment years to undertakings that ... Summary
Tax deduction for oil and gas undertakings expanded with new eligibility criteria, licensing aggregation and fixed time limits on commencement.
The amendment substitutes sub-section (9) to grant a hundred per cent deduction of profits for seven consecutive assessment years to undertakings that meet specified mineral oil and natural gas production or refining conditions, treats all blocks licensed under a single contract awarded under the New Exploration Licensing Policy as a single undertaking, and inserts time limited eligibility for refining and new natural gas rounds. It also amends sub-section (10) to adjust deadlines and housing-unit allocation conditions with an exception for works contracts, and expands sub-section (11A) to include meat, poultry, marine and dairy processing subject to a proviso excluding prior operators.
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