Tax exemption powers for participation in mineral oil businesses allow notified modifications to income-tax and assessment status. Central Government may, by notification, grant exemptions, reduce tax rates or otherwise modify income-tax for classes participating in prospecting for, ... Summary
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Tax exemption powers for participation in mineral oil businesses allow notified modifications to income-tax and assessment status.
Central Government may, by notification, grant exemptions, reduce tax rates or otherwise modify income-tax for classes participating in prospecting for, extraction or production of mineral oils, including changes to assessment status; covered classes include government associates, service and supply providers, and their employees, and every such notification must be laid before each House of Parliament.
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