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of <h1>Mineral exploration costs can be amortised at 10% annually over ten years, excluding site acquisitions and depreciable assets</h1> The provision allows Indian resident assessees engaged in prospecting or extraction of listed minerals to amortise qualifying exploration and development expenditure over ten years at 10% annually, covering the year of commercial production and up to four prior years, excluding site/deposit acquisitions and depreciable capital assets, and reducing expenditure by third-party funding and realizations; unallowed instalments may be carried forward but not beyond the tenth post-production year, and non-company residents must furnish prescribed audited reports. The Act refines drafting from the Bill to clarify that instalments are calculated after reductions and exclusions, reducing interpretive ambiguity over the computation and scope of excluded items.
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