Maximum amount of deduction (in terms of ₹) in the case of an individual who is resident in India, a patentee and in receipt of income by way of royalty in respect of a patent registered on or after first day of April, 2

CS Executive · Tax Laws and Practice · PYQS · June 2018
Maximum amount of deduction (in terms of ₹) in the case of an individual who is resident in India, a patentee and in receipt of income by way of royalty in respect of a patent registered on or after first day of April, 2003 under the Patents Act, 1970 is allowed:
(A) 100% of such income
(B) 50% of such income
(C) ₹3 lakh
(D) No such deduction under the Act

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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