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of <h1>Government Can Modify Income Tax Rules for Mineral Oil Businesses Under Section 115A Starting AY 1993</h1> The Central Government may, by notification, grant exemptions, reduce tax rates, or modify income-tax provisions for specified classes engaged in mineral oil businesses, including those involved in prospecting, extraction, or production. This applies to persons associated through agreements with the Government, service providers supplying equipment or facilities, and their employees. Modifications may also concern the tax assessment status of these persons, effective from the assessment year starting April 1, 1993. Notifications issued must be presented before both Houses of Parliament. For this purpose, 'mineral oil' includes petroleum and natural gas, and 'status' refers to the category under which the taxpayer is assessed, such as individual or Hindu undivided family.
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