Clause 46 - Amendment of section 115JAA. - Finance Bill, 2017

Amendment of section 115JAA. 46. In section 115JAA of the Income-tax Act, with effect from the 1st day of April, 2018,- (a) in sub-section (2A), after the proviso, the following proviso shall be inserted, namely:- Provided further that where the amount of tax credit in respect of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, allowed against the tax payable under the provisions of sub-section (1) of section 115JB exceeds the amount of such tax credit admissible against the tax payable by the assessee on its income in accordance with the other provisions of this Act, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored. ; (b) in sub-section (3A), for the words tenth assessment year , the words fifteenth assessment year shall be substituted.