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of <h1>Tax Deduction Rules: Annual One-Tenth Write-Off for Mineral Prospecting and Production Costs Spread Over Ten Years</h1> An Indian company or a resident individual/firm engaged in prospecting, extraction or production of specified minerals may claim a deduction equal to one-tenth annually of qualifying expenditure incurred in the year of commercial production and any one or more of the four preceding years, spread over up to ten relevant previous years commencing with commercial production. Capital outlays (site, deposits, depreciable assets) and amounts met by others or salvage/insurance receipts are excluded. The annual deduction is limited to the instalment or to the income from commercial exploitation, whichever is less, with unused instalments carried forward but not beyond the tenth year. Non-company taxpayers need prescribed audited accounts; special provision governs amalgamation/demerger; amounts so deducted cannot be claimed elsewhere.
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