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Rule - 128 - Foreign Tax Credit
If tax is payable under MAT/ AMT, FTC shall be allowed against such tax in the same manner as is allowable against tax payable under normal provisions of the Act.
If FTC available against MAT/ AMT exceeds the FTC available under the normal provisions of the Act, then while computing MAT/ AMT credit, such excess shall be ignored.
Foreign tax credit allowed against MAT/AMT like normal tax, but any excess over normal provisions is ignored. Foreign tax credit under Rule 128 of the Income tax Rules, 1962, is allowable against tax payable under MAT or AMT in the same manner as under the normal provisions; any foreign tax credit available against MAT/AMT that exceeds the credit allowable under normal provisions is ignored when computing MAT/AMT credit.
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