License Fee on literary works
This query is : Resolved
22 June 2023
1. I am an author. A school chain is using my novels in their textbooks under a licensing arrangement.
Is the licensing fee taxable?
2. I receive royalty from amazon.com. 15% of the royalty is withheld in USA. Can the amount be reduced from my tax liability in India? If so, how do I apply for it.
Thank you.
Is the licensing fee taxable?
2. I receive royalty from amazon.com. 15% of the royalty is withheld in USA. Can the amount be reduced from my tax liability in India? If so, how do I apply for it.
Thank you.
22 June 2023
What is your residential status?
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22 June 2023
Your aggregate universal income is taxable in India, including licensing fees. You can get rebate of any tax withheld in US.
22 June 2023
Under what Section? Also, what supporting documents do I require. Thanks.
22 June 2023
Resident Indian can claim credit for the amount of tax deducted in the foreign state by filing Form 67 with the income tax department.
Residents must submit Form 67 before the due date of Income Tax Returns (ITR) filing to claim credit for such taxes. Taxpayer needs to attach a copy of the certificate or statement and proof of payment or deduction of foreign tax.
Residents must submit Form 67 before the due date of Income Tax Returns (ITR) filing to claim credit for such taxes. Taxpayer needs to attach a copy of the certificate or statement and proof of payment or deduction of foreign tax.
22 June 2023
In accordance with Rule 128, in order to claim FTC, the taxpayer is required to file the following documents on or before due date of filing of return:
1. A statement of : foreign income offered to tax foreign tax deducted or paid on such income in Form No. 67
2. Certificate or statement specifying the nature of income and the amount of tax deducted therefrom or paid by the taxpayer :
From the tax authority of the foreign country from the person responsible for the deduction of such tax signed by the taxpayer
3. Proof of payment of taxes outside India.
Refer: Manual:: https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-um
1. A statement of : foreign income offered to tax foreign tax deducted or paid on such income in Form No. 67
2. Certificate or statement specifying the nature of income and the amount of tax deducted therefrom or paid by the taxpayer :
From the tax authority of the foreign country from the person responsible for the deduction of such tax signed by the taxpayer
3. Proof of payment of taxes outside India.
Refer: Manual:: https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form67-um
22 June 2023
Most welcome.
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