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[Cites 0, Cited by 0] [Section 206(1)] [Section 206] [Entire Act]

Union of India - Subsection

Section 206(1)(o) in The Income Tax Act, 2025

(o)
(i)The tax credit determined under clause (m) shall be carried forward, and––
(A)set off in a year, when tax payable on the total income computed as per the provisions of this Act exceeds the minimum alternate tax; and
(B)such set off in respect of brought forward tax credit shall be allowed for any tax year to the extent of the difference between the tax on his total income and the minimum alternate tax for that tax year;
(ii)such carry forward of tax credit shall not be allowed beyond the fifteenth tax year immediately succeeding the tax year in which the tax credit becomes allowable under clause (m);