Income Tax Act, 2025
Section 1: Ins. by Act 10 of 2000, s. 39 (w.e.f. 12001).
1. Ins. by Act 10 of 2000, s. 39 (w.e.f. 12001).
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(i) is registered in India;
(ii) has its main object the scientific and industrial research and development;
(iii) is for the time being approved by the prescribed authority at any time after the 31st day of
March, 2000 but before the 1[1st day of April, 2007];
(iv) fulfils such other conditions as may be prescribed.]
2[(9) The amount of deduction to an undertaking shall be hundred per cent of the profits for a period
of seven consecutive assessment years, including the initial assessment year, if such undertaking fulfils
any of the following, namely:—
(i) is located in North-Eastern Region and has begun or begins commercial production of mineral
oil before the 1st day of April, 1997;
(ii) is located in any part of India and has begun or begins commercial production of mineral oil
on or after the 1st day of April, 1997 3[but not later than the 31st day of March, 2017]:
4[Provided that the provisions of this clause shall not apply to blocks licensed under a contract
awarded after the 31st day of March, 2011 under the New Exploration Licencing Policy announced
by the Government of India vide Resolution No. O-19018/22/95-ONG.DO.VL, dated the 10th
February, 1999 or in pursuance of any law for the time being in force or by the Central or a State
Government in any other manner;]
(iii) is engaged in refining of mineral oil and begins such refining on or after the 1st day of
October, 1998 5[but not later than the 31st day of March, 2012];
6[(iv) is engaged in commercial production of natural gas in blocks licensed under the VIII Round
of bidding for award of exploration contracts (hereafter referred to as “NELP-VIII”) under
the New Exploration Licencing Policy announced by the Government of India vide
Resolution No. O-19018/22/95-ONG.DO.VL, dated 10th February, 1999 and begins commercial
production of natural gas on or after the 1st day of April, 2009 5[but not later than the 31st day of
March, 2017];
(v) is engaged in commercial production of natural gas in blocks licensed under the IV Round of
bidding for award of exploration contracts for Coal Bed Methane blocks and begins commercial
production of natural gas on or after the 1st day of April, 2009 5[but not later than the 31st day of
March, 2017].]
Explanation.—For the purposes of claiming deduction under this sub-section, all blocks licensed
under a single contract, which has been awarded under the New Exploration Licencing Policy announced
by the Government of India vide Resolution No. O-19018/22/95-ONG.DO.VL, dated 10th February, 1999
or has been awarded in pursuance of any law for the time being in force or has been awarded by the
Central or a State Government in any other manner, shall be treated as a single “undertaking”.]
1. Subs. by Act 18 of 2005, s. 27, for “1st day of April, 2005” (w.e.f. 12006). Earlier substituted by Act 23 of 2004, s. 18
(w.e.f. 12005), which was substituted by 32 of 2003, s. 39 (w.e.f. 12004).
is registered in India;
has its main object the scientific and industrial research and development;
is for the time being approved by the prescribed authority at any time after the 31st day of
March, 2000 but before the 1[1st day of April, 2007];
fulfils such other conditions as may be prescribed.]
2[
The amount of deduction to an undertaking shall be hundred per cent of the profits for a period
of seven consecutive assessment years, including the initial assessment year, if such undertaking fulfils
any of the following, namely:—
is located in North-Eastern Region and has begun or begins commercial production of mineral
oil before the 1st day of April, 1997;
is located in any part of India and has begun or begins commercial production of mineral oil
on or after the 1st day of April, 1997 3[but not later than the 31st day of March, 2017]:
4[Provided that the provisions of this clause shall not apply to blocks licensed under a contract
awarded after the 31st day of March, 2011 under the New Exploration Licencing Policy announced
by the Government of India vide Resolution No. O-19018/22/95-ONG.DO.VL, dated the 10th
February, 1999 or in pursuance of any law for the time being in force or by the Central or a State
Government in any other manner;]
is engaged in refining of mineral oil and begins such refining on or after the 1st day of
October, 1998 5[but not later than the 31st day of March, 2012];
6[
is engaged in commercial production of natural gas in blocks licensed under the VIII Round
of bidding for award of exploration contracts (hereafter referred to as “NELP-VIII”) under
the New Exploration Licencing Policy announced by the Government of India vide
Resolution No. O-19018/22/95-ONG.DO.VL, dated 10th February, 1999 and begins commercial
production of natural gas on or after the 1st day of April, 2009 5[but not later than the 31st day of
March, 2017];
is engaged in commercial production of natural gas in blocks licensed under the IV Round of
bidding for award of exploration contracts for Coal Bed Methane blocks and begins commercial
production of natural gas on or after the 1st day of April, 2009 5[but not later than the 31st day of
March, 2017].]
Explanation.—For the purposes of claiming deduction under this sub-section, all blocks licensed
under a single contract, which has been awarded under the New Exploration Licencing Policy announced
by the Government of India vide Resolution No. O-19018/22/95-ONG.DO.VL, dated 10th February, 1999
or has been awarded in pursuance of any law for the time being in force or has been awarded by the
Central or a State Government in any other manner, shall be treated as a single “undertaking”.]
1. Subs. by Act 18 of 2005, s. 27, for “1st day of April, 2005” (w.e.f. 12006). Earlier substituted by Act 23 of 2004, s. 18
(w.e.f. 12005), which was substituted by 32 of 2003, s. 39 (w.e.f. 12004).