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MAT - Tax Credit - Section 115JAA - Income Tax - Ready Reckoner - Income TaxExtract MAT CREDIT - SECTION 115JAA MAT credit shall be allowed to be carry forward and set-off up to 15 Assessment Years. MAT credit available = Tax paid under section 115JB Tax payable under the normal provisions of the Act. MAT credit shall be allowed in the assessment year in which = Tax payable under the normal provisions of the Act Tax payable under section 115JB MAT Credit can be utilized to the extent normal tax exceeds MAT. Where the private company or unlisted company is converted into limited liability partnership in any previous year, the MAT credit which was available to the company shall lapse i.e. would not be allowed to successor company. The Amount of MAT credit will be reduced by : Foreign Tax Credit allowed against MAT - FTC allowed against Normal Tax. Note: Company to which MAT applies shall be liable to pay Advance Tax, Interest u/s 234A / B / C . MAT is not applicable to life insurance companies or person exercised option u/s 115BAA or 115BAB .
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