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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 115BBF: 10% Tax on Patent Royalties in India, No Deductions Allowed, Opt-In by Due Date Required.</h1> Section 115BBF of the Income-tax Act, effective April 1, 2017, imposes a 10% tax rate on royalty income from patents developed and registered in India by eligible assessees. No deductions for expenses are allowed against this income. Eligible assessees must opt for this tax treatment by the specified due date. If the tax provisions are not followed for any of the five subsequent years, the assessee loses the benefit for the next five years. Definitions for terms like 'developed,' 'eligible assessee,' 'patentee,' and 'royalty' are provided, aligning with the Patents Act, 1970.
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