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of <h1>Finance Act 2017 amends Section 115JAA: Excess foreign tax credit adjustments, carry forward period extended to 15 years.</h1> Section 115JAA of the Income-tax Act is amended by the Finance Act, 2017, effective April 1, 2018. The amendment introduces a proviso in sub-section (2A), stating that any excess tax credit from foreign tax paid under sections 90, 90A, or 91, which exceeds the credit admissible against the tax payable by the assessee, will be ignored when computing credit. Additionally, in sub-section (3A), the term 'tenth assessment year' is replaced with 'fifteenth assessment year,' extending the period for carrying forward tax credit.
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