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Tax on income from patent.

Section 115BBF - Act - DETERMINATION OF TAX IN CERTAIN SPECIAL CASES - Income Tax - Section 115BBF - 1[ 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 income-tax payable shall be the aggregate of- (a) the amount of income-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 h .....

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cordance 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 accordance with the provisions of this section and the assessee offers the income for taxation for any of the five assessment ye .....

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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) of section 2 of the Patents Act; (d) lump sum includes an advance payment on account of such royalties which is not returnab .....

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