https://www.taxtmi.com/acts?id=46952 A new provision allows a resident individual who spent more than twelve months developing know-how to elect to spread any lump-sum consideration received for permitting its use by treating one-third of the gross amount as income in the year of receipt and one-third in each of the two immediately preceding years; assessments for those preceding years, if already made, are to be rectified under the rectification procedure with the applicable limitation period reckoned from the end of the financial year in which the assessment for the year of receipt is made. "Know-how" carries the Act's defined meaning. en-us Fri, 03 Jan 2025 14:06:46 +0530 Fri, 03 Jan 2025 14:06:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46952 A new provision allows a resident individual who spent more than twelve months developing know-how to elect to spread any lump-sum consideration received for permitting its use by treating one-third of the gross amount as income in the year of receipt and one-third in each of the two immediately preceding years; assessments for those preceding years, if already made, are to be rectified under the rectification procedure with the applicable limitation period reckoned from the end of the financial year in which the assessment for the year of receipt is made. "Know-how" carries the Act's defined meaning. Act-Rules F. Acts / Amendment Acts Fri, 03 Jan 2025 14:06:46 +0530 https://www.taxtmi.com/acts?id=46952