Taxation of patent royalty: eligible assessees must file electronic Form 3CFA to opt for section 115BBF treatment. Rule 5G requires an eligible assessee opting for taxation of patent royalty under section 115BBF to furnish Form No. 3CFA electronically, duly verified, on or before the due date for the relevant return of income. The Director General of Income-tax (Systems) will specify procedures, formats and security, archival and retrieval policies for capture, transmission and verification. Form 3CFA mandates assessee identity, assessment year and return dates, a five-year non-application declaration, detailed patent particulars, royalty income nature and amounts, and itemised Indian and foreign expenditure with a seventy five per cent Indian expenditure test.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxation of patent royalty: eligible assessees must file electronic Form 3CFA to opt for section 115BBF treatment.
Rule 5G requires an eligible assessee opting for taxation of patent royalty under section 115BBF to furnish Form No. 3CFA electronically, duly verified, on or before the due date for the relevant return of income. The Director General of Income-tax (Systems) will specify procedures, formats and security, archival and retrieval policies for capture, transmission and verification. Form 3CFA mandates assessee identity, assessment year and return dates, a five-year non-application declaration, detailed patent particulars, royalty income nature and amounts, and itemised Indian and foreign expenditure with a seventy five per cent Indian expenditure test.
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