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TMI BlogInsertion of new section 115BBF- Tax on income from patentX X X X Extracts X X X X X X X X Extracts X X X X ..... ny 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 have been chargeable had his total income been reduced by the income refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) patentee means the person, being the true and first 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 mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... patent; or (iv) rendering of any services in connection with the activities referred to in sub-clauses (i) to (iii); (i) true and first inventor shall have the meaning assigned to it in clause (y) of sub-section (1) of section 2 of the Patents Act. . - Clause 52 of the Bill seeks to insert a new section 115BBF in the Income-tax Act relating to tax on income from patents. The proposed new section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the proposed section. It is also proposed to provide an Explanation in the said section to define certain expressions used therein. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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