115JAA. [ Tax credit in respect of tax paid on deemed income relating to certain companies. [Inserted by Act 26 of 1997, Section 38 (w.e.f. 1.4.1997).]
(1)Where any amount of tax is paid under sub-section (1) of section 115-JA by an assessee being a company for any assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the provisions of this section.][(1-A) Where any amount of tax is paid under sub-section (1) of section 115-JB by an assessee, being a company for the assessment year commencing on the 1st day of April, 2006 and any subsequent assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the provisions of this section.] [ Inserted by Act 18 of 2005, Section 35 (w.e.f. 1.4.2006).](2)[ The tax credit to be allowed under sub-section (1) shall be the difference of the tax paid for any assessment year under sub-section (1) of section 115-JA and the amount of tax payable by the assessee on his total income computed in accordance with the other provisions of this Act:Provided that no interest shall be payable on the tax credit allowed under sub-section (1).(2-A) The tax credit to be allowed under sub-section (1-A) shall be the difference of the tax paid for any assessment year under sub-section (1) of section 115-JB and the amount of tax payable by the assessee on his total income computed in accordance with the other provisions of this Act:Provided that no interest shall be payable on the tax credit allowed under sub-section (1-A).(3)The amount of tax credit determined under sub-section (2) shall be carried forward and set off in accordance with the provisions of sub-sections (4) and (5) but such carry forward shall not be allowed beyond the fifth assessment year immediately succeeding the assessment year in which tax credit becomes allowable under sub-section (1).(3-A) The amount of tax credit determined under sub-section (2-A) shall be carried forward and set off in accordance with the provisions of sub-sections (4) and (5) but such carry forward shall not be allowed beyond the ] [ Substituted by Act 21 of 2006, Section 23, for sub-Sections (2) and (3) (w.e.f. 1.4.2007).][tenth assessment year] [ Substituted by Act 33 of 2009, Section 45, for " seventh assessment year" (w.e.f. 1.4.2010).] [immediately succeeding the assessment year in which tax credit becomes allowable under sub-section (1-A).] [ Substituted by Act 21 of 2006, Section 23, for sub-Sections (2) and (3) (w.e.f. 1.4.2007).](4)[ The tax credit shall be allowed set-off in a year when tax becomes payable on the total income computed in accordance with the provisions of this Act other than section 115-JA ] [Inserted by Act 26 of 1997, Section 38 (w.e.f. 1.4.1997).][or section 115-JB, as the case may be] [ Inserted by Act 10 of 2000, Section 51 (w.e.f. 1.4.2001).].(5)[ Set off in respect of brought forward tax credit shall be allowed for any assessment year to the extent of the difference between the tax on his total income and the tax which would have been payable under the provisions of sub-section (1) of section 115-JA ] [Inserted by Act 26 of 1997, Section 38 (w.e.f. 1.4.1997).][or section 115-JB, as the case may be] [Inserted by Act 10 of 2000, Section 51 (w.e.f. 1.4.2001).][for that assessment year.] [Inserted by Act 26 of 1997, Section 38 (w.e.f. 1.4.1997).](6)[ Where as a result of an order under sub-section (1) or sub-section (3) of section 143, section 144, section 147, section 154, section 155, sub-section (4) of section 245-D, section 250, section 254, section 260, section 262, section 263 or section 264, the amount of tax payable under this Act is reduced or increased, as the case may be, the amount of tax credit allowed under this section shall also be increased or reduced accordingly.] [Inserted by Act 26 of 1997, Section 38 (w.e.f. 1.4.1997).](7)[ In case of conversion of a private company or unlisted public company into a limited liability partnership under the Limited Liability Partnership Act, 2008, (6 of 2009) the provisions of this section shall not apply to the successor limited liability partnership.Explanation. - For the purposes of this section, the expressions "private company" and "unlisted public company" shall have the meanings respectively assigned to them in the Limited Liability Partnership Act, 2008.', (6 of 2009)] [Inserted by Finance Act 2010, (No. 14 of 2010).](8)[ The provisions of this section shall not apply to a person who has exercised the option under section 115BAA.] [Inserted by Act No. 46 of 2019, dated 11.12.2019.]
