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of <h1>Income Tax Bill 2025: Clause 49 Overhauls Deductions for Petroleum Site Restoration, Replacing Section 33ABA.</h1> Clause 49 of the Income Tax Bill, 2025, alongside Schedule X, introduces changes to the management of site restoration funds for businesses in the petroleum and natural gas sectors in India. This new framework replaces Section 33ABA of the Income Tax Act, 1961, aiming to streamline deductions for site restoration aligned with contemporary environmental and economic standards. Key provisions include deductions based on deposits into specified accounts, with conditions for claiming deductions and restrictions on withdrawals. The updated law emphasizes sustainability and compliance, aligning Indian tax law with global environmental accountability standards, thereby impacting business strategies in the sector.
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