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of <h1>Tax Credit for Companies Under Section 115JAA: Carry Forward for 5 Years, No Interest on Credit Allowed.</h1> Section 115JAA of the Income-tax Act, introduced by the Finance Act, 1997, provides tax credit for companies on tax paid under section 115JA. This credit is the difference between the tax paid under section 115JA and the tax payable on total income under other provisions. The credit can be carried forward for up to five years and set off against tax payable on total income computed without section 115JA. Adjustments to tax credit are made if tax payable is altered due to orders under various sections. No interest is payable on the allowed tax credit.
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