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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 i .....

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ave 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 allowed to the eligible assessee under .....

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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 f .....

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ars relevant 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 subsequ .....

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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 .....

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le; (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, whose name is entered on the patent register as .....

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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 (including any lump sum consideration but excluding .....

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