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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Guidelines for Approving Royalty Agreements for Tax Deductions u/s 80MM: Bona Fide Agreements Only.</h1> The circular outlines guidelines for approving agreements under which companies receive royalties or fees from Indian concerns eligible for tax deductions under section 80MM. It specifies that agreements must be bona fide, clearly define the technical know-how or services provided, and not be collusive arrangements for tax avoidance. Agreements must be entered into after April 1, 1969, and involve businesses operating in India. The technical know-how should assist in manufacturing or processing operations within India. The circular also details conditions under which agreements are disqualified, such as unreasonable consideration or if they relate to non-qualifying items.
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