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of <h1>Finance Bill 2017 amends section 115JAA: Extends tax credit carry forward, alters foreign tax credit calculation. Effective 2018.</h1> Clause 46 of the Finance Bill, 2017 proposes amendments to section 115JAA of the Income-tax Act, effective April 1, 2018. It introduces a provision in sub-section (2A) to disregard excess tax credit from foreign income-tax paid when calculating credit under section 115JB. Additionally, sub-section (3A) is amended to extend the carry forward period of tax credit from the tenth to the fifteenth assessment year. These changes apply from the assessment year 2018-2019 onwards, affecting tax credits for deemed income of certain companies.
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