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            “The Budget amendment is possibly attempting to plug a double benefit, which an Indian taxpayer liable under MAT/could potentially avail if he is offsetting certain foreign tax credits against such MAT/AMT. Following the amendment, the credit available to the Indian company for carry forward would need to be reduced to the extent the claimed against exceeds the that would have been availed had it been subject to normal provisions. What remains unclear, however, is what would happen if a company is subject to because of losses under normal provisions,”

            Ravi Mehta
            Partner, Grant Thornton India LLP

            This article apeared in Business Standard on 5th February, 2017.

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