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<h1>MAT credit carryforward available for limited assessment years; usable when normal tax exceeds MAT with specified adjustments.</h1> 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.