https://www.taxtmi.com/acts?id=49049 An Indian company or resident person (other than a company) engaged in prospecting, extraction or production of specified minerals may deduct one tenth of qualifying prospecting and development expenditure in each relevant tax year; qualifying expenditure is that incurred in the year of commercial production and up to four preceding years, reduced by amounts met by others and by sale, salvage, compensation or insurance receipts, with exclusions for site/deposit acquisitions and depreciable capital assets. Unallowed instalments may be carried forward up to ten years. Non company claimants require audited accounts and an audit report; deductions do not survive as claims elsewhere in the Act and continue with successor companies on amalgamation or demerger. en-us Fri, 14 Feb 2025 16:28:38 +0530 Fri, 14 Feb 2025 16:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49049 An Indian company or resident person (other than a company) engaged in prospecting, extraction or production of specified minerals may deduct one tenth of qualifying prospecting and development expenditure in each relevant tax year; qualifying expenditure is that incurred in the year of commercial production and up to four preceding years, reduced by amounts met by others and by sale, salvage, compensation or insurance receipts, with exclusions for site/deposit acquisitions and depreciable capital assets. Unallowed instalments may be carried forward up to ten years. Non company claimants require audited accounts and an audit report; deductions do not survive as claims elsewhere in the Act and continue with successor companies on amalgamation or demerger. Act-Rules Bills Fri, 14 Feb 2025 16:28:38 +0530 https://www.taxtmi.com/acts?id=49049