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
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
