TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Crude Oil Refining Qualifies as Priority Industry for Tax Deductions and Rebates u/ss 80-I, 80M, and 33.</h1> The circular addresses whether the business of refining crude oil qualifies as a priority industry for tax deductions under certain sections. It clarifies that refining crude oil into products like motor spirit and kerosene is considered manufacturing or producing 'mineral oil.' Consequently, profits from such activities are eligible for higher super tax rebates under the Finance Acts of 1964 and 1965, assuming other conditions are met. Similarly, refining crude oil is recognized as a priority industry for deductions under sections 80-I and 80M, and for development rebates on machinery and plant under section 33.
TaxTMI 
TaxTMI 
