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Deduction u/s 80QQB - Deduction in respect of royalty income of authors

Income Tax - Exemptions and Deductions - 19 - SECTION 80QQB Deduction is available in respect of royalty or copyright income of authors. Assessee covered: The taxpayer should be an individual resident of India (non - residents not covered). Conditions to be fulfilled: Deduction available to an author or joint author. Income should be received in consideration for authoring any book of literary, artistic or scientific nature. It does not include brochures, commentaries, guides, diaries, magazines .....

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hor - In such case, deduction will be income, before allowing expenses attributable to such income, as in excess of 15 % of the value of books sold during the previous year. If the income is earned from outside India - Only that much amount which is brought in India in convertible foreign exchange within six months from the end of previous years or within extended time by RBI. Illustration for Clarity: Royalty fee received - 90,000 (it is earned from abroad). Rate of royalty as % of value of boo .....

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