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Insertion of new section 115BBF.

Section 54 - Act - DIRECT TAXES - Finance Act - Section 54 - 54. 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 income from patent. 115BBF. (1) Where the total income of an eligible assessee includes any income by way of royalty in respect of a patent developed and registered in India, the incometax payable shall be the aggregate of- (a) the amount of income-tax calculated on the income by way of ro .....

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y exercise the option for taxation of income by way of royalty in respect of a patent developed and registered in India in accordance with the provisions of this section, in the prescribed manner, on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the relevant previous year. (4) Where an eligible assessee opts for taxation of income by way of royalty in respect of a patent developed and registered in India for any previous year in acc .....

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the provisions of sub-section (1). Explanation.-For the purposes of this section,- (a) developed means at least seventy-five per cent of the expenditure incurred in India by the eligible assessee for any invention in respect of which a patent is granted under the Patents Act, 1970 (39 of 1970.) (herein referred to as the Patents Act); (b) eligible assessee means a person resident in India and who is a patentee; (c) invention shall have the meaning assigned to it in clause (j) of sub-section (1) .....

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