TAXES, ROYALTIES, RENTALS, DUTIES ETC Sample Clauses
TAXES, ROYALTIES, RENTALS, DUTIES ETC. 17.1 Companies, their employees, persons providing any materials, supplies, services or facilities or supplying any ship, aircraft, machinery, equipment or plant (whether by way of sale or hire) to the Companies for Petroleum Operations or for any other purpose and the employees of such persons shall be subject to all fiscal legislation in India except where, pursuant to any authority granted under any applicable law, they are exempted wholly or partly from the application of the provisions of a particular law or as otherwise provided herein.
17.2 Pursuant to the provisions of section 42 of the Income-tax Act, 1961, the allowances specified herein shall apply in computing income tax payable by a Company on its profits and gains from the business of Petroleum Operations in lieu of (and not in addition to) corresponding allowances provided for under the heading “Profits and Gains of Business or Profession” in the Income-tax Act, 1961. Any other allowance, which are not specified herein, shall be treated in accordance with the provisions of Income-tax Act, 1961.
17.2.1 Subject to the provisions herein below, deductions at the rate of one hundred percent (100%) per annum shall be allowed for all expenditures, both capital and revenue expenditures, incurred in respect of Exploration Operations and drilling operations. The expenditure incurred in respect of Development Operations, other than drilling operations, and Production Operations will be allowable as per the provisions of the Income-tax Act, 1961. The expenses so incurred are subject to the following:
(a) where any expenditure is not solely incurred on Petroleum Operations or is incurred as part of or in conjunction with any other business, only that proportion of the total expenditure which can be proved to the assessing officer to represent a fair proportionate part thereof, having regard to all relevant facts and circumstances, shall be allowed;
(b) sections 40A and 44C of the Income-tax Act, 1961, shall apply.
17.2.2 A Company shall be entitled, for income tax purposes only, to deduct all its unsuccessful Exploration Costs in contract areas covered by other contracts from the aggregate value of Petroleum allocable to the Company from any Field(s) in the Contract Area in the manner as follows:
(a) unsuccessful Exploration Costs incurred in contract areas other than the Contract Area where a Commercial Discovery has been made up to the date of commencement of Commercial Production shall be aggregated a...
TAXES, ROYALTIES, RENTALS, DUTIES ETC. Companies, their employees, persons providing any materials, supplies, services or facilities or supplying any ship, aircraft, machinery, equipment or plant (whether by way of sale or hire) to the Companies for Petroleum Operations or for any other purpose and the employees of such persons shall be subject to all fiscal legislation in India except where, pursuant to any authority granted under any applicable law, they are exempted wholly or partly from the application of the provisions of a particular law or as otherwise provided herein.
TAXES, ROYALTIES, RENTALS, DUTIES ETC. Domestic Supply, Sale, Disposal and Export of Natural Gas, Crude Oil and Condensate
TAXES, ROYALTIES, RENTALS, DUTIES ETC. 11.1. Other than the duties and taxes mentioned in Annexure II (for the purpose of Price Build-up), all taxes, duties, imposts, fees, charges and dues of every description imposed or levied by any governmental, local or port authority on the Crude Oil supplied hereunder, in respect of any stage prior to transfer of title and risk in such Crude Oil being transferred to Buyer, before the Delivery Point shall be to Seller’s account.
11.2. The duties and taxes of every description imposed by Govt. authority in respect of transfer of title and risk in the crude oil (including sales tax / VAT) shall be borne by the Buyer. However, ▇▇▇▇▇ agrees to pay the taxes as per the price built-up formula.
11.3. In the event of any change or amendment of any Act or Law, Rules or Regulations of Govt. of India or Public body or any change in the interpretation or enforcement of any said Act or Law, Rules or regulation by Indian Govt. or Public body which becomes effective after the date of the agreement and which results into liabilities on account of any additional taxes, duties, levies etc., the same shall be borne either by SELLER/S or BUYER keeping in view the applicability of such taxes to be decided after mutual discussion. However, GST as and when introduced will be borne by the Buyer.
TAXES, ROYALTIES, RENTALS, DUTIES ETC. Companies and operations under this Contract shall be subject to all fiscal legislation in India except where, pursuant to any authority granted under any applicable law, they are exempted wholly or partly from the application of the provisions of a particular law or as otherwise provided herein.
TAXES, ROYALTIES, RENTALS, DUTIES ETC. Companies and operations under this Contract shall be subject to all fiscal legislation in India except where, pursuant to any authority granted under any applicable law, they are exempted wholly or partly from the application of the provisions of a particular law or as otherwise provided herein. All expenditures incurred by the contractor on exploration, development and production shall be allowed as deduction u/s 42 of Income Tax Act or under equivalent provisions in subsequent acts/ laws for the purpose of computation of Taxable income. An illustrative list of fiscal laws, rules and notifications governing petroleum operations is given in Appendix J: In the event of any inconsistency as between laws, rules, notifications specified in Appendix J and any enactment and or any rule prescribed or notification issued thereunder, the relevant act or rule or notification, as the case may be, shall apply. The Contractor (Lessee) shall be required to pay Royalty to the State Government(s) (Lessor) (in case of onshore areas) and to the Central Government (in case of offshore areas), at the rates specified in Appendix-K of this contract, of the value of the Petroleum receivable by the contractor.