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Income tax

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Querist : Anonymous

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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..
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Vinayak

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Vinayak (Expert)
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.
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Vinayak

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Vinayak (Expert)
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.
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Querist : Anonymous

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Querist : Anonymous (Querist)
04 February 2015 Thank you Sir for clarifying second part...
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