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of <h1>Clause 106 of Direct Taxes Code, 2010: Tax Credit on Book Profit for Companies, Not LLPs. No Interest Payable.</h1> Clause 106 of the Direct Taxes Code, 2010, outlines the provisions for tax credit on tax paid by a company on book profit. The credit is the excess of tax on book profit over normal income tax and can be carried forward for up to fifteen years. No interest is payable on this credit. It is applicable when normal income tax exceeds book profit tax, with adjustments allowed for changes in tax amounts. The provision does not apply to limited liability partnerships formed from private or unlisted public companies under the Limited Liability Partnership Act, 2008.
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