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of <h1>New Income Tax Bill, 2025: Clause 54 Introduces Deductions for Mineral Oil Exploration Businesses, Requires Government Agreements</h1> The Income Tax Bill, 2025, introduces Clause 54, focusing on tax deductions for businesses engaged in mineral oil exploration. This clause aims to incentivize the sector by allowing deductions for capital expenditures, aligning with international practices. Key provisions include deductions for specified businesses, conditions for agreements with the government, and detailed rules on business transfers. Unlike Section 42 of the Income Tax Act, 1961, Clause 54 mandates parliamentary oversight and includes comprehensive transfer provisions. While it offers potential tax savings, the requirement for government agreements and parliamentary approval may introduce complexities and delays for stakeholders.
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