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of <h1>Indian residents can spread know-how consideration over three years under Section 180A for tax benefits</h1> Section 180A of the Income Tax Act, 1961 provides special treatment for know-how consideration received by Indian residents. When an individual develops know-how over more than twelve months, they may elect to spread lump sum consideration across three years for tax purposes. The gross amount is treated as one-third income for the current year and two preceding years respectively. Upon election, assessments for preceding years must be rectified under section 154, with the four-year rectification period calculated from the financial year when assessment is made for the year consideration was received.
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