Royalty income deduction for resident authors is limited by income caps, remittance rules, and certificate requirements. Deduction is available to a resident individual author in respect of royalty or copyright income from a literary, artistic or scientific book, subject to ... Summary
Royalty income deduction for resident authors is limited by income caps, remittance rules, and certificate requirements.
Deduction is available to a resident individual author in respect of royalty or copyright income from a literary, artistic or scientific book, subject to inclusion in gross total income and earning the income in the exercise of the profession of being an author. The deduction is limited to the lesser of the qualifying income or the prescribed maximum, and where royalty is not a lump sum in full transfer of rights, the eligible amount is restricted to royalty not exceeding 15% of the value of books sold before expenses. Foreign-source royalty requires remittance in convertible foreign exchange within the prescribed time and supporting certification, while domestic claims require the prescribed verified certificate from the payer.
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