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of <h1>Understanding Royalty Under Income Tax Act 1961: Definition, Scope, and Exclusions for Patents and Intellectual Property Rights.</h1> Royalty, as defined under the Income Tax Act 1961, encompasses consideration for the transfer or use of rights related to patents, inventions, models, designs, secret formulas, trademarks, and similar properties. It includes payments for information on their use, technical knowledge, or skills, and the use of industrial, commercial, or scientific equipment. It also covers rights related to copyrights, artistic works, and services associated with these activities. Notably, royalty includes payments irrespective of the payer's possession or direct use of the rights, or the location of the rights. For patents, royalty excludes income chargeable under capital gains or from product sales using patented processes.
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