TMI BlogTax on income from patent.X X X X Extracts X X X X X X X X Extracts X X X X ..... unt 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 have been chargeable had his total income been reduced by the income referred to in clause (a). (2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant to the previous year succeeding the previous year not in accordance with the provisions of sub-section (1), then, the assessee shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which such income has not been offered to tax in accordance with the provisions of sub-section (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t inventor of the invention, whose name is entered on the patent register as the patentee, in accordance with the Patents Act, and includes every such person, being the true and first inventor of the invention, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have the meaning assigned to it in clause (y) of sub-section (1) of section 2 of the Patents Act.] --------------- Notes:- 1. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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