https://www.taxtmi.com/acts?id=48991 An assessee in petroleum or natural gas operations with a government agreement may claim deduction for deposits into a State Bank of India specified account, limited to deposits or 20% of profits, allowed before set off of losses; eligibility requires deposits under approved special or deposit schemes and audited accounts. Withdrawals or non utilisation of such amounts, and sale of assets acquired under the schemes within eight years, are treated as deemed business income and taxed accordingly; expenditure met from those deposits (including interest) is non deductible. en-us Fri, 14 Feb 2025 15:37:44 +0530 Thu, 20 Feb 2025 16:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48991 An assessee in petroleum or natural gas operations with a government agreement may claim deduction for deposits into a State Bank of India specified account, limited to deposits or 20% of profits, allowed before set off of losses; eligibility requires deposits under approved special or deposit schemes and audited accounts. Withdrawals or non utilisation of such amounts, and sale of assets acquired under the schemes within eight years, are treated as deemed business income and taxed accordingly; expenditure met from those deposits (including interest) is non deductible. Act-Rules Bills Fri, 14 Feb 2025 15:37:44 +0530 https://www.taxtmi.com/acts?id=48991