https://www.taxtmi.com/acts?id=49368 A new Site Restoration Fund provision permits taxpayers carrying on petroleum or natural gas prospecting or production under a Government agreement to deduct amounts deposited into an approved State Bank special account or Site Restoration Account, subject to limits (deposits or a capped share of business profits), audit and filing requirements, restriction on withdrawals to scheme purposes, exclusions for certain asset purchases, and deeming provisions that treat unutilised or withdrawn sums and recaptured deduction on asset transfer as business income. en-us Thu, 20 Feb 2025 16:30:52 +0530 Thu, 20 Feb 2025 16:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49368 A new Site Restoration Fund provision permits taxpayers carrying on petroleum or natural gas prospecting or production under a Government agreement to deduct amounts deposited into an approved State Bank special account or Site Restoration Account, subject to limits (deposits or a capped share of business profits), audit and filing requirements, restriction on withdrawals to scheme purposes, exclusions for certain asset purchases, and deeming provisions that treat unutilised or withdrawn sums and recaptured deduction on asset transfer as business income. Act-Rules F. Acts / Amendment Acts Thu, 20 Feb 2025 16:30:52 +0530 https://www.taxtmi.com/acts?id=49368