Tax rate on royalty income revised under statutory amendment, reducing the applicable rate and reallocating clause wording. The amendment substitutes clause (ii) to prescribe a fixed statutory tax rate on income by way of royalty and replaces the words in clause (iii) to ... Summary
Tax rate on royalty income revised under statutory amendment, reducing the applicable rate and reallocating clause wording.
The amendment substitutes clause (ii) to prescribe a fixed statutory tax rate on income by way of royalty and replaces the words in clause (iii) to reflect a lower statutory rate, thereby aligning the provisions governing computation of tax on royalty receipts under section 115A.
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