Tax on income from patent.115BBF. (1) Where the total income of an eligible assessee includes any income by way of royalty in respect of a patent developed and registered in India, the income-tax payable shall be the aggregate of-
| (a) | - | the amount of income-tax calculated on the income by way of royalty in respect of the patent at the rate of ten per cent; and |
| (b) | - | the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the income referred to in clause (a). |
(2) Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance shall be allowed to the eligible assessee under any provision of this Act in computing his income referred to in clause (
a) of sub-section (1).(3) The eligible assessee may exercise the option for taxation of income by way of royalty in respect of a patent developed and registered in India in accordance with the provisions of this section, in the prescribed manner, on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the relevant previous year.(4) Where an eligible assessee opts for taxation of income by way of royalty in respect of a patent developed and registered in India fo
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