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of <h1>Finance Bill 2017 Amends Section 10: Tax Exemption for Foreign Firms on Post-Agreement Crude Oil Sales in India.</h1> The Finance Bill, 2017 introduces an amendment to section 10, effective from April 1, 2018, applicable from the assessment year 2018-19. It exempts income for foreign companies from the sale of leftover crude oil stock in India after the expiration of an agreement or arrangement. This follows clause (48A), which exempts income from crude oil storage and sale under government-approved agreements. The new clause (48B) extends the exemption to post-agreement sales, subject to conditions set by the Central Government. These changes aim to clarify and extend tax exemptions for foreign entities involved in crude oil operations in India.
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