Income-tax Act, 1961

Power to make exemption, etc., in relation to participation in the business of prospecting for, extraction, etc., of mineral oils.

293A. (1) If the Central Government is satisfied that it is necessary or expedient so to do in the public interest, it may, by notification in the Official Gazette, make an exemption, reduction in rate or other modification in respect of income-tax in favour of any class of persons specified in sub-section (2) or in regard to the whole or any part of the income of such class of persons or in regard to the status in which such class of persons or the members thereof are to be assessed on their income from the business referred to in clause (a) of sub-section (2) :

Provided that the notification for modification in respect of the status may be given effect from an assessment year beginning on or after the 1st day of April, 1993.

(2) The persons referred to in sub-section (1) are the following, namely :-

(a)	-	persons with whom the Central Government has entered into agreements for the association or participation of that Government or any person authorised by that Government in any business consisting of the prospecting for or extraction or production of mineral oils;
(b)	-	persons providing any services or facilities or supplying any ship, aircraft, m .... To read the full section download the app from Google Play store Latest Job Openings View all Featured 13 April 2026 GST CONSULTANCY Abhishek G Agrawal & Co. Korba CA Final View Details Featured ARTICLESHIP 19 March 2026 Article Assistant Gupta Sachdeva & Co. Chartered Accountants New Delhi CA Final View Details Featured 28 March 2026 Accountant Ashok Amol & Associates New Delhi B.Com View Details Featured 29 April 2026 Manager- Finance and Compliance Naveen Fintech Pvt Ltd Kolkata CA Inter View Details Featured 28 March 2026 CA Final Ashok Amol & Associates New Delhi CA Final View Details Featured 14 April 2026 GST CONSULTANT Abhishek G Agrawal & Co. Korba CA Final View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Pocket  Print  Pinterest  PDF  Translate Whatsapp Groups GST Income Tax CA Final CA Inter CAclubindia Login at CAclubindia CAclubindia India's largest network for finance professionals User Name Password Remember Me Forgot Password ? Alternatively, you can log in using: Login with Google Don't have an account? Register Now click here to register