Royalty deduction for patent income allowed for resident patentees subject to repatriation and certification conditions. Resident individual patentees receiving royalty from patents registered on or after 1 April 2003 may deduct from such royalty income an amount equal to ... Summary
Royalty deduction for patent income allowed for resident patentees subject to repatriation and certification conditions.
Resident individual patentees receiving royalty from patents registered on or after 1 April 2003 may deduct from such royalty income an amount equal to the whole of that income or a fixed statutory ceiling, whichever is less, subject to limitation where a compulsory licence fixes royalty and to the requirement that foreign-source royalty be repatriated in convertible foreign exchange within six months (or an authorised extended period). The deduction is conditional on furnishing prescribed certificates with the return; income so deducted cannot be deducted again under any other provision.
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