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of <h1>New Tax Deductions for Petroleum and Natural Gas Businesses Under Section 33ABA, Effective April 1999</h1> The Finance (No. 2) Act, 1998 introduces Section 33ABA to the Income-tax Act, effective April 1, 1999, allowing deductions for businesses involved in petroleum or natural gas extraction in India. Eligible businesses must deposit funds in a special account or Site Restoration Account under a government-approved scheme. Deductions are limited to the lesser of the deposited amount or 20% of business profits. Withdrawals from these accounts are restricted to specified purposes, and misuse results in the amount being taxed as business income. The section also outlines conditions for asset sales, account audits, and potential cessation of deductions by government notification.
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