Tax credit for deemed income tax allows carryforward and setoff against future tax liabilities under ordinary provisions. Establishes a tax credit for companies paying tax under the deemed-income regime equal to the difference between that tax and tax on total income under ordinary provisions; no interest on the credit. The credit is carried forward for set off for up to five succeeding assessment years, allowed in years when tax is payable under ordinary provisions and limited each year to the difference between ordinary-tax liability and the deemed-income tax; credit is adjusted to reflect assessment or revision orders.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax credit for deemed income tax allows carryforward and setoff against future tax liabilities under ordinary provisions.
Establishes a tax credit for companies paying tax under the deemed-income regime equal to the difference between that tax and tax on total income under ordinary provisions; no interest on the credit. The credit is carried forward for set off for up to five succeeding assessment years, allowed in years when tax is payable under ordinary provisions and limited each year to the difference between ordinary-tax liability and the deemed-income tax; credit is adjusted to reflect assessment or revision orders.
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