Insertion of new section 115BBF- Tax on income from patent

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....le assessee includes any income by way of royalty in respect of a patent developed and registered in India, the income-tax payable shall be the aggregate of- (a) the amount of income-tax calculated on the income by way of royalty in respect of the patent at the rate of ten per cent.; and (b) the amount of income-tax with which the assessee would have been chargeable had his total....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....; (d) "lump sum" includes an advance payment on account of such royalties which is not returnable; (e) "patent" shall have the meaning assigned to it in clause (m) of sub-section (1) of section 2 of the Patents Act; (f) "patentee" means the person, being the true and first inventor of the invention, whose name is entered on the patent register as the patentee, in accorda....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nting of a licence) in respect of a patent; or (ii) imparting of any information concerning the working of, or the use of, a patent; or (iii) use of any patent; or (iv) rendering of any services in connection with the activities referred to in sub-clauses (i) to (iii); (i) "true and first inventor" shall have the meaning assigned to it in clause (y) of sub-section (1)....