Section 144 — Deduction in respect of profits and gains in connection with production of mineral oil or natural gas, etc.
Old Act equivalent: Section 80-IB(9) of IT Act 1961 Sub-part: Deductions from total income
Statutory Text
- In respect of any tax year, where—
(a) in computing the total income of an assessee, being an entrepreneur as referred to in section 2(j) of the Special Economic Zones Act, 2005 (28 of 2005), who begins to manufacture or produce articles or things or provide any services, as referred to in section 10AA of the Income-tax Act, 1961 (43 of 1961); and
(b) such assessee is eligible to claim a deduction from the profits and gains derived from the export, of such articles or things or from services for such tax year under the provisions of the said section, if the said Act had not been repealed, there shall be allowed, in computing the total income of the assessee, a deduction from the profits and gains derived from such business, subject to the conditions that—
(i) the amount of deduction is calculated as per the provisions of section 10AA of the Income-tax Act, 1961 (43 of 1961); and
(ii) the deduction under this Act shall be allowed only for such tax years, as would have been allowed under section 10AA of the Income-tax Act, 1961 (43 of 1961), as if the said Act had not been repealed. Deduction for businesses engaged in collecting and processing of bio-de gradable waste.
Provisos
None.
Explanations
None.
Tables
Present in statutory text above — see formatted section.
Key Structure
- Applies to: All assessees deriving profits from production of mineral oil or natural gas
- Conditions: [Verification Pending]
- Time limits: [Verification Pending]
- Monetary limits: [Verification Pending]
- Exceptions: [Verification Pending]
Cross-References
- Section 2
- Section 10
Amendment Notes
None noted from the extracted pages.
Practical Notes
Related Rules (IT Rules 2026)
Related Circulars
- Circular 21/2015
- Circular 3/2024