Companies (Profits) Surtax Act, 1964: Exemption from Provisions of Act to foreign companies participating with the Govt. in the productions of mineral oil - 0307(E) - Income Tax

Companies (Profits) Surtax Act, 1964: Exemption from Provisions of Act to foreign companies participating with the Govt. in the productions of mineral oil Notification Number: 0307(E) Dated 31-03-1983 Whereas the Central Government is satisfied that it is necessary and expedient in the public interest to make an exemption in respect of surtax in favour of foreign companies 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; Now, therefore, in exercise of the powers conferred by section 24AA of the Companies (Profits) Surtax Act, 1964 (7 of 1964), the Central Government hereby provides that no surtax shall be payable by such foreign companies. Explanation.- For the purposes of this notification,- (a) "foreign company" shall have the meaning assigned to it in clause (4) of section 80B of the Income-tax Act, 1961 (43 of 1961); (b) "mineral oil" includes petroleum and natural gas. File Number: 133(79)-82 TPL