Foreign Tax Credit (‘FTC’) in case of MAT/ AMT

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.

Dated: 30-6-2016