AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Insertion of new section 115BBF.
X X X X Extracts X X X X
X X X X Extracts X X X X
....includes any income by way of royalty in respect of a patent developed and registered in India, the incometax 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 income been reduced by t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r any previous year in accordance with the provisions of this section and the assessee offers the income for taxation for any of the five assessment years relevant to the previous year succeeding the previous year not in accordance with the provisions of sub-section (1), then, the assessee shall not be eligible to claim the benefit of the provisions of this section for five assessment years subseq....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ave 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 accordance with the Patents Act, and includes every such person, being the true and first inventor of the invention, where more than one person is reg....