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Insertion of new section 115BBF- Tax on income from patent

Clause 52 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 52 - Insertion of new section 115BBF. 52. After section 115BBE of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:- Tax on .....

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tax calculated on the income by way of royalty in respect of the patent at the rate of ten per cent.; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the income referred to in c .....

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section (1). Explanation.-For the purposes of this section,- (a) developed means the expenditure incurred by the assessee for any invention in respect of which patent is granted under the Patents Act, 1970 (39 of 1970) (herein referred to as the Pate .....

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account of such royalties which is not returnable; (e) patent shall have the meaning assigned to it in clause (m) of sub-section (1) of section 2 of the Patents Act; (f) patentee means the person, being the true and first inventor of the invention, w .....

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n respect of that patent; (g) patented article and patented process shall have the meanings respectively assigned to them in clause (o) of sub-section (1) of section 2 of the Patents Act; (h) royalty , in respect of a patent, means consideration (inc .....

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ticle for commercial use) for the- (i) transfer of all or any rights (including the granting of a licence) in respect of a patent; or (ii) imparting of any information concerning the working of, or the use of, a patent; or (iii) use of any patent; or .....

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of the Bill seeks to insert a new section 115BBF in the Income-tax Act relating to tax on income from patents. The proposed new section 115BBF seeks to provide that where the total income of an eligible assessee includes any income by way of royalty .....

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