Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2015
If someone has registered a patent in his name and three years back and not taken any deduction on the amount of patent?Can any amount be deductible in current year 2014-15?If Director allows to use that patent right to the company and company pays some amount for using that patent right that what to do for the expense for the company and what tax treatment to do for Director for allowing to use his patent right???Kindly guide as early as possible..
03 February 2015
Hi,
Not sure on the first part of the query but for second part please note:
When the director allows to use patent rights (assuming patent is registered in the name of the director) then the amount paid by the company for the patents rights is royalty and it will be treated as expense in company's books. Also company will be required to deduct tax on this expense.
Not sure on the first part of the query but for second part please note:
When the director allows to use patent rights (assuming patent is registered in the name of the director) then the amount paid by the company for the patents rights is royalty and it will be treated as expense in company's books. Also company will be required to deduct tax on this expense.
03 February 2015
Hi,
Not sure on the first part of the query but for second part please note:
When the director allows to use patent rights (assuming patent is registered in the name of the director) then the amount paid by the company for the patents rights is royalty and it will be treated as expense in company's books. Also company will be required to deduct tax on this expense.
Not sure on the first part of the query but for second part please note:
When the director allows to use patent rights (assuming patent is registered in the name of the director) then the amount paid by the company for the patents rights is royalty and it will be treated as expense in company's books. Also company will be required to deduct tax on this expense.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2015
Thank you Sir for clarifying second part...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Can partnership firm show income under 44ad
- Regarding ITR filing with more value than showing in AIS/TIS
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
