Tax credit for minimum-tax paid defined as difference from regular tax, with limited carry forward and no interest payable. The amendment provides that tax credit equals the difference between tax paid under the relevant minimum-tax provision and the tax payable on total income computed under the Act; no interest is payable on such credit. Each tax credit is to be carried forward and set off under the Act's set-off provisions but only for a limited number of succeeding assessment years specific to the originating minimum-tax provision.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax credit for minimum-tax paid defined as difference from regular tax, with limited carry forward and no interest payable.
The amendment provides that tax credit equals the difference between tax paid under the relevant minimum-tax provision and the tax payable on total income computed under the Act; no interest is payable on such credit. Each tax credit is to be carried forward and set off under the Act's set-off provisions but only for a limited number of succeeding assessment years specific to the originating minimum-tax provision.
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