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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 th .....

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yalty 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 clause (a). (2) Notwithstanding anything c .....

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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 .....

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ordance with the provisions of this section and the assessee offers the income for taxation for any of the five assessment years relevant to the previous year succeeding the previous year not in accordance with the provisions of sub-section (1), then .....

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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 gran .....

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of section 2 of the Patents Act; (d) lump sum includes an advance payment on 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) pat .....

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ention, where more than one person is registered as patentee under that Act in 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 th .....

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