Dear friends
I came across this section 80QQB few times but never got a crystal clear advice on this, I hope you can make me understand this subject section better and answer to my below queries.
- Income from Royalty comes Under “Income from other sources” or “Income from Business & Profession”
- Will your answer be same if the Author is
- only deriving income from Royalty, or
- he is in an salaried professional and also has royalty income, so he earns salary as well as royalty income
- I saw in few articles that 80 QQB is one time deduction, is it right? Or this deduction can be taken year on year.
- In case if it is considered as income under the head “ Business & profession” will the author get deduction U/S 80QQB as well as deduction for expenses like, printing, stationery, electricity expenses, driver salary, petrol expenses etc., in other words all expenses which we debit to P&L account in case of business and profession.
Best regards
CA Lokesh Bahl