An Indian resident patentee is entitled to a deduction u/s 80RRB to the extent of —

CS Executive · Tax Laws and Practice · PYQS · December 2014
An Indian resident patentee is entitled to a deduction u/s 80RRB to the extent of —
(A) 100% of such income
(B) 50% of such income
(C) 100% of such income or ₹3,00,000 whichever is less
(D) 50% of such income or ₹3,00,000 whichever is more.

Answer & Explanation:

Correct Answer: Option (C)

Correct answer: (C) 100% of such income or ₹3,00,000 whichever is less. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.

Topics: Income Tax Act, 1961

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