Tax on literary activity
This query is : Resolved
16 June 2014
I write short stories and poems for magazines and also participate in Radio programme for which I am paid lumpsum amount. Is this taxable? if yes then under which head?
16 June 2014
under sec 194J @ 10%................................
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Nikhil Kaushik
(Expert)
16 June 2014
it is taxable under income from Business/profession.
17 June 2014
But sir
Under sec 80QQB royalty income from books (other than text book) is exempt upto 3 lakhs. Is similar exemption not available for publishing of stories?
Under sec 80QQB royalty income from books (other than text book) is exempt upto 3 lakhs. Is similar exemption not available for publishing of stories?
Nikhil Kaushik
(Expert)
17 June 2014
Dear Prafulla,
1. deduction under chapter VI (section 80QQB) is claimed after including the income in one head or the other. So, first, this income is to be included in the head "income from business/profession".
2. as already mentioned by you, 80QQB is available lumpsum income from publishing books. What you are currently doing is writing stories which could form part of anything - a part of whole book, newspaper etc etc. So its most likely that you wont be able to claim 80QQB deduction.
1. deduction under chapter VI (section 80QQB) is claimed after including the income in one head or the other. So, first, this income is to be included in the head "income from business/profession".
2. as already mentioned by you, 80QQB is available lumpsum income from publishing books. What you are currently doing is writing stories which could form part of anything - a part of whole book, newspaper etc etc. So its most likely that you wont be able to claim 80QQB deduction.
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