 "Indian MNCs under MAT set for higher tax outgo")
The Union Budget has introduced a provision that intends to restrict the minimum alternate tax (MAT) credit available on foreign tax credits (FTC), which could increase the overall tax outgo for Indian companies having overseas operations, especially those paying sizeable dividends.
The Budget has introduced an amendment in the MAT provisions (applicable to companies) and alternate minimum tax (AMT) provisions (applicable to non-corporates) for rationalising the quantum of MAT and AMT credits which can be carried forward by the relevant Indian taxpayer, if he has claimed foreign tax credits against its MAT/AMT liability in a particular year.
Under the current
