AMT - Tax Credit - Section 115JD - Income Tax - Ready Reckoner - Income Tax

TAX CREDIT FOR AMT - SECTION 115JD (1) The credit for the tax paid u/s 115JC shall be allowed in accordance with the provisions of section 115JD . (2) AMT paid in excess of the regular income tax computed under the normal provisions will be available as credit against future tax liability. However, 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 alternate minimum tax payable, exceeds the amount of the tax credit admissible against the regular income-tax payable by the assessee, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored. [Inserted by FA, 2017 , w.e.f. 1-4-2018] (3) No interest shall be payable on tax credit allowed u/s 115JD(1). (4) The AMT credit will be allowed to be carried forward and set-off for a period of 15 years succeeding the year in which such credit becomes available. (5) The AY in which the regular tax is more than the alternate minimum tax, then the tax credit shall be allowed to be set off to the extent of the excess regular income-tax over the AMT and the balance of tax credit shall be carried forward. (6) If the amount of regular income-tax or the alternate minimum tax is reduced or increased as a result of any order passed under this Act, the amount of tax credit allowed under this section shall also be varied accordingly. (7) As per section 115JD(7) , Provisions of this section shall not apply to the following w.e.f. 01 st April 2024 [Amendment by FA, 2023 ] - Such person has exercised the option referred to in section 115BAC(5) or section 115BAD(5) or section 115BAE(5) ; or Income-Tax payable in respect of the total income of such person is computed under section 115BAC(1A) .