- Monday, August 23, 2010, 8:30
- Income Tax
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Stung by rejection of its demand for restoration of tax breaks on production of natural gas, the Oil Ministry has asked the Finance Ministry to let courts decide if 7-year tax holiday should apply only to oil and not on gas produced from the same well.
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- Tuesday, December 1, 2009, 2:31
- Income Tax
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The finance ministry has rebuffed the petroleum ministry's recent proposal to give income tax breaks to entities producing natural gas under exploration permits given during the first seven rounds of Nelp (national exploration licensing policy). Explorers like ONGC, RIL and Essar were hoping to book tax-free profits from those blocks.
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- Wednesday, July 29, 2009, 1:28
- Income Tax
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The Finance Minister announced a slew of amendments on both income-tax and service tax fronts to achieve the objective of “generating economic activity in the present environment of economic slowdown.” The Lok Sabha later passed the Finance Bill (No 2) 2009, completing the third and final stage of the Budget exercise for 2009-10.
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