MAT credit carryforward available for limited assessment years; usable when normal tax exceeds MAT with specified adjustments. MAT credit allows companies that paid tax under the MAT regime to carry forward and set off excess MAT against future normal-tax liabilities for a limited number of assessment years, usable only to the extent normal tax exceeds MAT; the MAT credit is reduced by foreign tax credit differences and lapses on conversion of certain company forms, while MAT-applicable companies remain subject to advance tax and interest and specified entity types are excluded from MAT.