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of <h1>Amendment to Section 115JAA: Tax credits calculated differently, no interest payable, carry forward extended to 7 years.</h1> Section 115JAA of the Income-tax Act has been amended effective April 1, 2007. The amendments replace sub-sections (2) and (3) with new provisions. Under the new sub-sections, tax credit is calculated as the difference between tax paid under section 115JA or 115JB and the tax payable on total income as per other Act provisions. No interest is payable on these tax credits. The tax credit under sub-section (2) can be carried forward for up to five years, while under sub-section (2A), it can be carried forward for up to seven years, as per sub-sections (4) and (5).
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