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of <h1>Company paying deemed tax gets credit for difference, no interest; credit carried forward and set off with time limits.</h1> Where a company pays tax under the deemed tax provisions, it is entitled to a tax credit equal to the difference between that tax and the tax otherwise payable under normal provisions; no interest is payable on such credit. The credit is carried forward and set off against future liability, limited to five assessment years for tax under the earlier provision and fifteen assessment years for tax under the later provision, with set-off limited to the excess of normal tax over deemed-tax liability. Adjustments follow assessment orders; provisions exclude successor LLPs on conversion and taxpayers opting under the specified concessional regime.
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