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of <h1>Companies get tax credits under Section 115JAA when paying deemed income tax, carry forward allowed for years</h1> Section 115JAA of the Income Tax Act provides tax credit mechanisms for companies paying tax on deemed income under sections 115JA and 115JB. The credit equals the difference between tax paid under these special provisions and regular income tax liability. Credits can be carried forward for five years under section 115JA and fifteen years under section 115JB, with set-off allowed when regular tax becomes payable. No interest is payable on such credits. The provision excludes companies converting to limited liability partnerships and those opting for section 115BAA taxation regime.
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