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of <h1>Central Government Gains Power to Modify Surtax for Foreign Companies in Mineral Oil Sector u/s 24AA.</h1> The Finance Act, 1981 introduces Section 24AA to the Companies (Profits) Surtax Act, granting the Central Government authority to provide surtax exemptions or modifications for certain foreign companies involved in mineral oil activities. These companies include those with government agreements for mineral oil prospecting or extraction and those supplying services or equipment for such operations. The term 'foreign company' is defined per the Income-tax Act, and 'mineral oil' encompasses petroleum and natural gas. Notifications regarding these exemptions must be presented to Parliament.
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