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Tax reforms: WHo gets a raw deal?  

Oil & gas. Given the importance and risk profile of the sector, under the current regime, it is eligible for the following major dispensations: seven-year 100% tax holiday on profits; allowance of 100% deduction of capital expenditure incurred on exploration and drilling in the year these costs were incurred; deduction of unsuccessful exploration costs against profits from the blocks covered by other contracts and taxation of partners independently instead of as an association of persons (AOP).

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