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The Finance Bill 2026 proposes extending tax deductions for prospecting critical minerals in India by adding them to Schedule XII of the Income-tax Act, 2025. This amendment allows Indian companies and resident taxpayers to claim deferred deductions over ten years for expenses related to minerals like lithium, graphite, and potash, aiming to boost investment in mineral exploration and enhance supply chains for energy transition technologies. The changes will take effect from April 1, 2026, impacting the tax year 2026-27 and beyond.