Section 24. Power to make exemption, etc., in relation to certain Union territories.―

24. Power to make exemption, etc., in relation to certain Union territories.― If the Central Government considers it necessary or expedient so to do for avoiding any hardship or anomaly or removing any difficulty that may arise as a result of the application of this Act to the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu and Pondicherry, the Central Government may, by general or special order, make an exemption, reduction in rate or other modification in respect of surtax in favour of any class of assessees or in regard to the whole or any part of the chargeable profits of any class of assessees. 2[24A. Agreeement with foreign countries.― The Central Government may enter into an agreement with the Government of any country outside India― (a) for the granting of relief in respect of chargeable profits on which have been paid both surtax under this Act and tax of a similar character or income-tax on such profits in that country, or (b) for the avoidance of double taxation of chargeable profits under this Act and under any law relating to the taxation of income or profits in force in that country, or (c) for exchange of information for the prevention of evasion or avoidance of surtax chargeable under this Act or the tax chargeable under the corresponding law in force in that country or investigation of cases of such evasion or avoidance, or 1. Subs. by Act 4 of 1988, s. 187, for "Commissioner" (w.e.f. 1-4-1988). 2. Subs. by Act 16 of 1972, s. 57, for section 24A (w.e.f. 1-4-1972). (d) for recovery of tax under this Act and under any law relating to the taxation of income or profits in force in that country, and may, by notification in the Official Gazette, make such provision as may be necessary for implementing the agreement.] [1] [24AA. Power to make exemption, etc., in relation to participation in the business of prospecting for extraction, etc., of mineral oils.― (1) If the Central Government is satisfied that it is necessary or expedient so to do in the public interest, it may, by notification in the Official Gazette, make an exemption, reduction in rate or other modification in respect of surtax in favour of any class of foreign companies specified in sub-section (2) or in regard to the whole or any part of the chargeable profits of such class of companies. Explanation .―For the purposes of this sub-section, "foreign company" shall have the meaning assigned to it in clause (4) of section 80B of the Income-tax Act. (2)The foreign companies referred to in sub-section (1) are the following, namely:― (a) foreign companies with whom the Central Government has entered into agreement 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; and (b) foreign companies providing any services or facilities or supplying any ship, aircraft, machinery or plant (whether by way of sale or hire) in connection with any business consisting of the prospecting for or extraction or production of mineral oils carried on by that Government or any person specified by that Government in this behalf by notification in the official Gazette. (3) Every notification issued under this section shall be laid before each House of Parliament. Explanation .―For the purpose of this section, "mineral oil" includes petroleum and natural gas.]