TMI BlogIncome-tax (5th Amendment) Rules, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Rules, 1962 (hereafter referred to as the principal rules), after rule 5F, the following rule shall be inserted, namely:- 5G. Option form for taxation of income from patent under section 115BBF. - (1) For the purposes of exercising the option for taxation of income by way of royalty in respect of a patent developed and registered in India, by an eligible assesse under section 115BBF , the eligible assessee shall furnish Form No. 3CFA duly verified in the manner indicated therein, and the same shall be furnished by the eligible assessee in the following manner, namely:- (i) electronically under digital signature; or (ii) electronically through electronic verification code. (2) The form referred in sub-rule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come by way of royalty in respect of the patent is not offered for taxation as per the section115BBF for any of the five assessment years succeeding the assessment year in which the option for taxation of income by way of royalty under section 115BBF is validly exercised. Yes/No (i) If yes, following details be provided- (a) Previous year ended on which the option for taxation of income by way of royalty under section 115BBF is first validly exercised: (b) Assessment year ended on which the the option for taxation of income by way of royalty under section 115BBF is first validly exercised*: (c) date of furnishing of return of income for the assessment year mentioned in (b) above: 4. **Eligible Patent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent (a) Total expenditure incurred on the patent asseseee for any invention in respect of which patent is granted under the patents Act, 1970. (b) Expenditure incurred in India by the eligible asseseee for any invention in respect of which patent is granted under the patents Act, 1970. (c) Expenditure incurred outside India by the eligible asseseee for any invention in respect of which patent is granted under the patents Act, 1970. (d) Whether the expenditure incurred in (b) above is seventy five per cent. or more than the expenditure incurred under (a) above? Yes/ No ***I declare that to the best of my knowledge and belief, the information furnished herein is correct and truly st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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