https://www.taxtmi.com/manuals?id=1096 Deduction is available to an assessee engaged in prospecting, extraction or production of petroleum or natural gas in India, where there is an agreement with the Central Government and the prescribed amount is deposited before year-end in the special account or site restoration account. The deduction is limited to the lower of the actual deposit, including interest credited to the account, and 20% of the business profits, and is allowed before set-off of brought-forward losses. The assessee must satisfy the prescribed audit requirements, and where the same amount has once been allowed as deduction, no further deduction is available in another year. en-us Tue, 15 Sep 2015 10:44:00 +0530 Mon, 20 Apr 2026 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1096 Deduction is available to an assessee engaged in prospecting, extraction or production of petroleum or natural gas in India, where there is an agreement with the Central Government and the prescribed amount is deposited before year-end in the special account or site restoration account. The deduction is limited to the lower of the actual deposit, including interest credited to the account, and 20% of the business profits, and is allowed before set-off of brought-forward losses. The assessee must satisfy the prescribed audit requirements, and where the same amount has once been allowed as deduction, no further deduction is available in another year. Manuals Income Tax Tue, 15 Sep 2015 10:44:00 +0530 https://www.taxtmi.com/manuals?id=1096