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of <h1>Foreign Tax Credit Rules for MAT/AMT: Excess FTC Beyond Normal Provisions Disregarded Under Income-tax Rule 128.</h1> Rule 128 of the Income-tax Rules, 1962, addresses the Foreign Tax Credit (FTC) in the context of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). It specifies that FTC is allowed against taxes payable under MAT/AMT in the same way as against taxes under the normal provisions of the Act. However, if the FTC applicable to MAT/AMT surpasses that available under the normal provisions, the excess is disregarded when calculating MAT/AMT credit.
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