Central Government is satisfied that it is necessary and expedient of income-tax in favour of any person, being a foreign company, or a person Central Government has entered into an agreement for the association or participation of that Government u/s 293A - G.S.R.645(E) - Income Tax Act, 1961
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Tax concession for foreign oil contractors: reduced taxation and blended calculation for mixed income under section 293A. Notification grants income-tax relief to foreign companies and non-resident persons engaged in mineral-oil prospecting or production: if total income consists only of such profits, tax is fifty per cent of that income; if total income is mixed, tax equals fifty per cent on mineral-oil profits plus tax on the remaining income at the average rate that would have applied to total income absent the concession; 'average rate of income-tax,' 'foreign company,' and 'mineral oil' are defined for these purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax concession for foreign oil contractors: reduced taxation and blended calculation for mixed income under section 293A.
Notification grants income-tax relief to foreign companies and non-resident persons engaged in mineral-oil prospecting or production: if total income consists only of such profits, tax is fifty per cent of that income; if total income is mixed, tax equals fifty per cent on mineral-oil profits plus tax on the remaining income at the average rate that would have applied to total income absent the concession; "average rate of income-tax," "foreign company," and "mineral oil" are defined for these purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.