Amendment status not verified — confirm the current text below against the official source.
In this Act, unless the context otherwise requires,- (a) "annual value" in respect of specified land means the price charged for the mineral oils sold annually by the person who holds specified land for carrying out excavation for the purpose of obtaining mineral oils or for extraction of mineral oils: Provided that such price shall not include any sum separately charged to such holder as tax, cess, duty, fee or royalty or such other sum as may be prescribed, by Government or local authority: Provided further that if more than one price is chargeable for the same variety of mineral oil the maximum price chargeable for that variety of mineral oil shall be taken as the price for such mineral oil; (b) "cess" means the rural development cess; (c) "mineral oils" include casing head condensate, natural gas and petroleum; (d) "prescribed" means prescribed by rules made under this Act; (e) "rural development cess" means tax on specified land levied under section 3; (f) "specified land" means the land held for carrying out excavation for the purpose of obtaining mineral oils or for extraction of mineral oils; (g) "tax" means a tax on specified lands levied under section 3. RURAL DEVELOPMENT CESS AND RURAL DEVELOPMENT FUND