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of <h1>Petroleum and gas producers may deduct year-end deposits to approved restoration accounts up to deposit or 20% profits</h1> An assessee engaged in petroleum or natural gas prospecting or production under a government agreement may deduct deposits made before year-end into an approved special or Site Restoration Account, limited to the deposit amount or 20% of business profits, subject to audit and prescribed reporting. Withdrawals are restricted to scheme purposes; amounts withdrawn on account closure, unutilised releases, or attribution on early asset disposal (within eight years) are treated as business income. Expenditures funded from the accounts are non-deductible, and deposits used for specified office or fully deductible plant or certain new industrial machinery are ineligible for the deduction. The government may terminate the concession by notification.
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