Tax credit for alternate minimum tax

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..... an assessment year to be allowed under sub-section (1) shall be the excess of alternate minimum tax paid over the regular income-tax payable of that year. 3 [Provided 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 alternate minimum tax payable, exceed .....

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..... t of the excess of regular income-tax over the alternate minimum tax and the balance of the tax credit, if any, 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. 6 [ (7) The provisions of t .....

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..... ssment year , 5. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 6. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, 5 [ (7) The provisions of this section shall not apply to a person who has exercised the option referred to in section 115BAC or section 115BAD. ] - - statute, statutory provisions legislat .....

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