Acts Online
GT Shield

Income Tax Act, 1962 (Act No. 58 of 1962)


Tenth Schedule : Oil and Gas Activities

6. Exploration and post-exploration expenses


If a company holds an oil and gas right contemplated in paragraph (a) or (b) of the definition of "oil and gas right" during any year of assessment—

(a) that company is deemed to be carrying on a trade in respect of that oil and gas right; and
(b) expenditure and losses incurred by that company in respect of that oil and gas right are deemed to be incurred in the production of income of that company.


[Paragraph 6 of the Tenth Schedule substituted by section 158(1) of the Taxation Laws Amendment Act, 2013 (Act No. 31 of 2013) - effective 1 April 2014]