Income-tax amendment revises tax credit references affecting minimum alternate tax computations and related interest provisions. Amendment to section 423 replaces an existing cross reference with a reference to sections 206(2)(e) to (h) and 206(3) and (4), aligning interest computation on defaults with changes to the minimum alternate tax framework and clarifying which tax credit set offs are excluded for interest purposes; effective 1 April 2026 and applicable to tax year 2026-2027 onward.
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Income-tax amendment revises tax credit references affecting minimum alternate tax computations and related interest provisions.
Amendment to section 423 replaces an existing cross reference with a reference to sections 206(2)(e) to (h) and 206(3) and (4), aligning interest computation on defaults with changes to the minimum alternate tax framework and clarifying which tax credit set offs are excluded for interest purposes; effective 1 April 2026 and applicable to tax year 2026-2027 onward.
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