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of <h1>MAT Credit Under Section 115JAA Carried Forward for 15 Years; Lapses on LLP Conversion; Excludes Some Companies</h1> Minimum Alternate Tax (MAT) credit under Section 115JAA can be carried forward and set off for up to 15 assessment years. The available MAT credit is the difference between tax paid under Section 115JB and tax payable under normal provisions. It is applicable when normal tax exceeds MAT. If a private or unlisted company converts to a limited liability partnership, the MAT credit lapses. The MAT credit amount is reduced by any foreign tax credit allowed. MAT does not apply to life insurance companies or entities opting under Sections 115BAA or 115BAB, and such companies must pay advance tax and interest under Sections 234A/B/C.
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