Section 80RRB of ITA, 1961 : Section 80Rrb: Deduction In Respect Of Royalty On Patents
ITA, 1961
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Explanation using Example
Imagine an individual named Ravi who lives in India and has invented a new eco-friendly engine technology. After his invention, he successfully registers his patent with the Indian Patent Office on April 5, 2005, under the Patents Act, 1970. Ravi then licenses his patented technology to a car manufacturer, and in return, he receives royalty payments.
For the financial year 2022-2023, Ravi's total income includes a royalty amoun...
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