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Section - 115JAA and 115JD - Rationalisation of Provisions relating to tax credit for Minimum Alternate Tax and Alternate Minimum Tax –

 

Under the existing provision tax credit in respect of MAT/AMT can be carried forward upto 10th  assessment year. The amendment seeks to provide that the tax credit determined under this section can be carried forward upto 15th assessment year immediately succeeding the assessment year in which such credit is allowable.

 

It is also proposed to amend the section so as to provide that the amount of tax credit in respect of MAT/AMT shall not be allowed to the extent such credit relates to  the difference between the amount of Foreign Tax credit allowed and the Foreign Tax credit allowable against the tax computed under the regular provisions.

The amendment will take effect from 1st April 2018 relevant to assessment year 2018-19.

 


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