Section 80 QQB of Income Tax Act "Deduction in respect of royalty income, etc., of authors of certain books other than text-books"
Section 80QQB. (1) Where, in the case of an individual
resident in India, being an author, the gross total income
includes any income, derived by him in the exercise of his
profession, on account of any lump sum consideration for the
assignment or grant of any of his interests in the copyright
of any book being a work of literary, artistic or scientific
nature, or of royalty or copyright fees (whether receivable
in lump sum or otherwise) in respect of such book, there
shall, in accordance with and subject to the provisions of
this section, be allowed, in computing the total income of
the assessee, a deduction from such income, computed in the
manner specified in sub-section (2).
(2) The deduction under this section shall be equal to the whole of such income referred to in sub-section (1), or an amount of three lakh rupees, whichever is less :
Provided that where the income by way of such royalty or
the copyright fee, is not a lump sum consideration in lieu
of all rights of the assessee in the book, so much of the
income, before allowing expenses attributable to such
income, as is in excess of fifteen per cent of the value of
such books sold during the previous year shall be ignored :
Provided further that in respect of any income earned from any source outside India, so much of the income shall be taken into account for the purpose of this section as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of six months from the end of the previous year in which such income is earned or within such further period as the competent authority may allow in this behalf.
(3) No deduction under this section shall be allowed unless the assessee furnishes a certificate in the prescribed form12 and in the prescribed manner, duly verified by any person responsible for making such payment to the assessee as referred to in sub-section (1), along with the return of income, setting forth such particulars as may be prescribed.
(4) No deduction under this section shall be allowed in respect of any income earned from any source outside India, unless the assessee furnishes a certificate, in the prescribed form13 from the prescribed authority14, along with the return of income in the prescribed manner.
(5) Where a deduction for any previous year has been claimed and allowed in respect of any income referred to in this section, no deduction in respect of such income shall be allowed under any other provision of this Act in any assessment year.
Explanation.-For the purposes
of this section,-
(a) "author" includes a joint author;
(b) "books" shall not include brochures, commentaries, diaries, guides, journals, magazines, newspapers, pamphlets, text-books for schools, tracts and other publications of similar nature, by whatever name called;
(c) "competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange;
(d) "lump sum", in regard to royalties or copyright fees, includes an advance payment on account of such royalties or copyright fees which is not returnable.
What is Deduction in respect of profits and gains from business of collecting and processing of bio-degradable waste Deduction in respect of employment of new workmen? Section 80JJA and 80JJAA of Income Tax Act 1961