India - Income Tax Act 2010 - Saarc

S. 80RRB I.T. ACT, 1961 1.506(vi) any other field which the Board may prescribe 21 in this behalf,who is employed in a capacity in which such specialised knowledgeand experience are actually utilised;]22[(d) “competent authority” means the Reserve Bank of India or such otherauthority as is authorised under any law for the time being in forcefor regulating payments and dealings in foreign exchange.]23[Deduction in respect of royalty on patents.80RRB. (1) Where in the case of an assessee, being an individual, who is—(a) resident in India;(b) a patentee;(c) in receipt of any income by way of royalty in respect of a patentregistered on or after the 1st day of April, 2003 under the Patents Act,1970 (39 of 1970), andhis gross total income of the previous year includes royalty, there shall, inaccordance with and subject to the provisions of this section, be allowed adeduction, from such income, of an amount equal to the whole of such incomeor three lakh rupees, whichever is less:Provided that where a compulsory licence is granted in respect of any patentunder the Patents Act, 1970 (39 of 1970), the income by way of royalty for thepurpose of allowing deduction under this section shall not exceed the amount ofroyalty under the terms and conditions of a licence settled by the Controllerunder that Act :Provided further that in respect of any income earned from any source outsideIndia, so much of the income, shall be taken into account for the purpose of thissection as is brought into India by, or on behalf of, the assessee in convertibleforeign exchange within a period of six months from the end of the previous yearin which such income is earned or within such further period as the competentauthority referred to in clause (c) of the Explanation to section 80QQB may allowin this behalf.(2) No deduction under this section shall be allowed unless the assessee furnishesa certificate in the prescribed form 24 , duly signed by the prescribed authority 25 ,along with the return of income setting forth such particulars as may beprescribed.21. Prescribed fields under rule 11C are as follows :1. Profession of actuaries;2. Banking;3. Insurance;4. Journalism.22. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.23. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.24. See rule 19AD(2) and Form No. 10CCE. Rule 12 provides that the return of income shallnot be accompanied by any document or copy of any account or form or report of auditrequired to be attached with return of income under any of the provisions of the Act.25. Prescribed authority is Controller General of Patents, Designs & Trade Marks, see rule19AD(1).