Section 54 — Business of prospecting for mineral oils: its source in the Income-tax Act, 1961

Section 54 (Business of prospecting for mineral oils) of the Income-tax Act, 2025 corresponds to Section 42 (Special provision for deductions in the case of business for prospecting, etc., for mineral oil) of the Income-tax Act, 1961 as per the official CBDT correspondence.

source provisions · income-tax act, 1961

Section 42 — Special provision for deductions in the case of business for prospecting, etc., for mineral oil

read both texts · §42 (1961) vs §54 (2025)

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Source: the CBDT’s official 1961↔2025 correspondence table (incometaxindia.gov.in), captured 2026-07-21. This is a research aid — verify against the official CBDT utility ↗ before professional reliance.

frequently asked

Is Section 54 of the Income-tax Act, 2025 a new provision?

No — it derives from Section 42 of the Income-tax Act, 1961.

What does Section 54 of the Income-tax Act, 2025 deal with?

Section 54 — "Business of prospecting for mineral oils", under CHAPTER IV - COMPUTATION OF TOTAL INCOME of the Income-tax Act, 2025.

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same chapter · chapter iv - computation of total income · income-tax act, 2025

Section 50 — Special provision in the case of trade, profession or similar association
Section 51 — Amortisation of expenditure for prospecting certain minerals
Section 52 — Amortisation of expenditure for telecommunications services, amalgamation, demerger, scheme of voluntary retirement, etc.
Section 53 — Full value of consideration for transfer of assets other than capital assets in certain cases
Section 55 — Insurance business
Section 56 — Special provision in case of interest income of specified financial institutions
Section 57 — Revenue recognition for construction and service contracts
Section 58 — Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents

frequently looked up · income-tax act, 2025

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