Deduction 80QQB

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Under section 80QQB, authors can avail income tax deduction of upto Rs.3 lakhs or upto the amount of royalty income received, whichever is lesser. Hence entire amount in your case subject to satisfaction of following coditions To avail section 80QQB deduction, the taxpayer must be an individual resident or resident but not ordinarily resident in India (may be an Indian citizen or a foreign citizen). The taxpayer must have authored or co-authored a book that falls under the category or literary, artistic or scientific work. Authors of books would not include brochures, commentaries, diaries, guides, journals, magazines, newspapers, pamphlets, textbooks for school and other similar publications. The taxpayer must file income tax return to claim the deduction and obtain Form 10CCD from the person/entity making the royalty payment. Form 10CCD need not be attached to the income tax return. However, it must be kept safe and produced if requested by an Assessing Officer during a tax audit. If the income of the author is not a lump sum payment, then 15% of the value of books sold in the year (before allowing any expenses) should be ignored. Finally, if the income is earned outside India, the deduction is allowed on income when it is brought to India within 6 months from the end of the year or within the period defined by RBI or other competent authority for this purpose. File form 10CCD as well

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