« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Handling cash windfall... Centre fine-tunes MCA to woo foreign investors... » Centre may grant tax sops to energy sector November, 01st 2006 The government is considering granting tax incentives to the oil and gas sector. Some of the incentives under consideration include a 10-year tax holiday under Section 80 IA of the Income-Tax Act for gas pipelines, storage terminals and other related facilities for transportation and storage of petroleum products.    The demand was raised at a recent meeting of Assocham with revenue department officials.    The contention of the industry is that gas pipelines and associated infrastructure are important to ensure quick and timely distribution of petroleum products.    Industry sources said there are indications that the notification granting tax breaks to the oil and gas sector may be issued soon.    Meanwhile, FICCI has, in its pre-budget wish list, sought inclusion of petrol and petroleum under the value added tax (VAT) regime with uniform VAT rate across all states.    The maximum VAT rate should not be over 12.5 per cent and the difference among states should not be more than 4 to 5 per cent, the Chamber has said.    The chamber has also demanded that declared goods status should be granted to liquid natural gas (LNG). LNG competes with coal which enjoys declared goods status, therefore attracting a maximum of 4 per cent sales tax.    Non-conventional energy could receive a boost in the Budget for the next financial year with incentives expected for the hydrocarbon sector related to exploration, extraction and production of mineral oils.    Under sub-section (9) of Section 80-IB, tax holiday is provided to an undertaking in the hydrocarbon sector which begins commercial production or refining of mineral oil equal to 100 per cent of the profits for 7 consecutive years including the initial assessment year.    However, in the initial few years there is hardly any profit to take advantage of the tax holiday.    FICCI has urged the government to give undertakings the option of claiming tax holiday for seven consecutive years at any time during the first 15 years after the commencement of commercial production.    Industry bodies have also demanded that weighted deduction of the actual expenses incurred by the assessee in drilling and exploration activities should be raised to 150 per cent from 100 per cent at present.