Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24
  • Home
  • Gross Total Income (GTI)
    • All
    • Business and Profession
    • Capital Gains
    • Clubbing of Income
    • Deductions
    • House Property
    • Other Sources
    • Salaries
    • Set Off of Losses
    Basic Rules of Deductions

    Basic Rules of Deductions under Section 80C to 80U [Sections 80A/80AB/80AC]

    Deduction under Section 80C

    Section 80C: Income Tax Deductions for AY 2022-23 and 2023-24

    Deduction under Section 80CCD

    Section 80CCD : Deduction in respect of Contribution to a National Pension Scheme (NPS)

    Deduction under Section 80D

    Section 80D : Deduction in respect of Medical Insurance Premia

    Deduction under Section 80DD

    [Section 80DD]: Deduction in respect of Caring & Maintenance including Medical Treatment of a Disabled Dependent

    Deduction under Section 80DDB

    Section 80DDB : Deduction in respect of Medical Treatment, etc.- to what extent available

    Trending Tags

    • Gross Total Income (GTI)
    • Perquisites
    • Allowances
  • Amendments Bill 2022
    Amendments relating to Penalties and Prosecutions by the Finance Bill- 2022

    Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022

    Amendments relating to Appeals and Revisions by the Finance Bill- 2022

    Amendments relating to Appeals and Revisions by the Finance Bill, 2022

    Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

    Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

    Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

    Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

    Amendments relating to Unexplained Cash Credits- Investment- Money etc by the Finance Bill 2022

    Amendments relating to Unexplained Cash Credits, Investment, Money etc. by the Finance Bill 2022

    Amendments relating to Income under the Head Profits and Gains of Business or Profession - By Finance Bill 2022

    Amendments to Profits and Gains of Business or Profession – By Finance Bill 2022

    Trending Tags

    • Income Tax
      • All
      • Agricultural Income
      • Exempted Incomes
      • Residential Status
      • Taxation in Companies
      Types-Definitions and Residential Status of Companies

      Types, Definitions and Residential Status of Companies

      Taxation of a Foreign Company

      (Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

      Special Provisions in case of Closely Held Company

      Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

      Tax on Total Income of a Company

      Tax on Total Income of a Company

      Section 115BA - Tax on Manufacturing Domestic Company

      [Section 115BA]: Tax on income of Certain Manufacturing Domestic Companies

      Section 115BAA- Tax on Domestic Company

      [Section 115BAA]: Special Provisions of Tax on Income of Certain Domestic Companies

      Trending Tags

      • Section-10
      • Exempted Incomes
      • Income Tax Rate
      • Residential Status
      • Exempted Incomes
      • Residential Status
      • Taxation in Companies
    • Assessment
      Types-Definitions and Residential Status of Companies

      Types, Definitions and Residential Status of Companies

      Taxation of a Foreign Company

      (Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

      Special Provisions in case of Closely Held Company

      Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

      Tax on Total Income of a Company

      Tax on Total Income of a Company

      Section 115BA - Tax on Manufacturing Domestic Company

      [Section 115BA]: Tax on income of Certain Manufacturing Domestic Companies

      Section 115BAA- Tax on Domestic Company

      [Section 115BAA]: Special Provisions of Tax on Income of Certain Domestic Companies

      Trending Tags

      • Knowledgebase on IT
        • All
        • Investment Planning
        Investment Planning for Tax Savings A.Y. 2023-24

        Investment Planning for Tax Savings A.Y. 2023-24

        Prescribed Reports-Certificates from a Chartered Accountant

        Prescribed Reports/Certificates from a Chartered Accountant under Section 288(2).

        Prescribed Audit Reports under the Income Tax Rules-Act.

        Prescribed Audit Reports under the Income Tax Rules/ Act.

        Investment in National Saving Certificate (NSC)

        Investment in National Saving Certificate (NSC) for A.Y. 2022-23 & 2023-24.

        Investment in TERM LIFE INSURANCE

        Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24.

        Investment in National Pension Scheme (NPS)

        Investment in National Pension Scheme (NPS) for A.Y. 2022-23 & 2023-24.

        Trending Tags

        • Filing an Appeal
        • Tax Saving Investment
        • Audit Report
        • Investment Planning
      No Result
      View All Result
      Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24
      • Home
      • Gross Total Income (GTI)
        • All
        • Business and Profession
        • Capital Gains
        • Clubbing of Income
        • Deductions
        • House Property
        • Other Sources
        • Salaries
        • Set Off of Losses
        Basic Rules of Deductions

        Basic Rules of Deductions under Section 80C to 80U [Sections 80A/80AB/80AC]

        Deduction under Section 80C

        Section 80C: Income Tax Deductions for AY 2022-23 and 2023-24

        Deduction under Section 80CCD

        Section 80CCD : Deduction in respect of Contribution to a National Pension Scheme (NPS)

        Deduction under Section 80D

        Section 80D : Deduction in respect of Medical Insurance Premia

        Deduction under Section 80DD

        [Section 80DD]: Deduction in respect of Caring & Maintenance including Medical Treatment of a Disabled Dependent

        Deduction under Section 80DDB

        Section 80DDB : Deduction in respect of Medical Treatment, etc.- to what extent available

        Trending Tags

        • Gross Total Income (GTI)
        • Perquisites
        • Allowances
      • Amendments Bill 2022
        Amendments relating to Penalties and Prosecutions by the Finance Bill- 2022

        Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022

        Amendments relating to Appeals and Revisions by the Finance Bill- 2022

        Amendments relating to Appeals and Revisions by the Finance Bill, 2022

        Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

        Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

        Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

        Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

        Amendments relating to Unexplained Cash Credits- Investment- Money etc by the Finance Bill 2022

        Amendments relating to Unexplained Cash Credits, Investment, Money etc. by the Finance Bill 2022

        Amendments relating to Income under the Head Profits and Gains of Business or Profession - By Finance Bill 2022

        Amendments to Profits and Gains of Business or Profession – By Finance Bill 2022

        Trending Tags

        • Income Tax
          • All
          • Agricultural Income
          • Exempted Incomes
          • Residential Status
          • Taxation in Companies
          Types-Definitions and Residential Status of Companies

          Types, Definitions and Residential Status of Companies

          Taxation of a Foreign Company

          (Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

          Special Provisions in case of Closely Held Company

          Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

          Tax on Total Income of a Company

          Tax on Total Income of a Company

          Section 115BA - Tax on Manufacturing Domestic Company

          [Section 115BA]: Tax on income of Certain Manufacturing Domestic Companies

          Section 115BAA- Tax on Domestic Company

          [Section 115BAA]: Special Provisions of Tax on Income of Certain Domestic Companies

          Trending Tags

          • Section-10
          • Exempted Incomes
          • Income Tax Rate
          • Residential Status
          • Exempted Incomes
          • Residential Status
          • Taxation in Companies
        • Assessment
          Types-Definitions and Residential Status of Companies

          Types, Definitions and Residential Status of Companies

          Taxation of a Foreign Company

          (Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

          Special Provisions in case of Closely Held Company

          Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

          Tax on Total Income of a Company

          Tax on Total Income of a Company

          Section 115BA - Tax on Manufacturing Domestic Company

          [Section 115BA]: Tax on income of Certain Manufacturing Domestic Companies

          Section 115BAA- Tax on Domestic Company

          [Section 115BAA]: Special Provisions of Tax on Income of Certain Domestic Companies

          Trending Tags

          • Knowledgebase on IT
            • All
            • Investment Planning
            Investment Planning for Tax Savings A.Y. 2023-24

            Investment Planning for Tax Savings A.Y. 2023-24

            Prescribed Reports-Certificates from a Chartered Accountant

            Prescribed Reports/Certificates from a Chartered Accountant under Section 288(2).

            Prescribed Audit Reports under the Income Tax Rules-Act.

            Prescribed Audit Reports under the Income Tax Rules/ Act.

            Investment in National Saving Certificate (NSC)

            Investment in National Saving Certificate (NSC) for A.Y. 2022-23 & 2023-24.

            Investment in TERM LIFE INSURANCE

            Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24.

            Investment in National Pension Scheme (NPS)

            Investment in National Pension Scheme (NPS) for A.Y. 2022-23 & 2023-24.

            Trending Tags

            • Filing an Appeal
            • Tax Saving Investment
            • Audit Report
            • Investment Planning
          No Result
          View All Result
          Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24
          No Result
          View All Result
          Home Gross Total Income (GTI) Deductions

          [Section 80QQB]: Deduction in respect of Royalty Income of Authors – to what extent available !

          The following Conditions should be Satisfied in order to claim Deduction under Section 80QQB in respect of Royalty income of Authors.

          in Gross Total Income (GTI), Deductions
          A A
          Deduction under Section 80QQB

          Deduction under Section 80QQB

          Share on FacebookShare on TwitterShare on Pinterest

          The following Conditions should be Satisfied in order to claim Deduction under Section 80QQB in respect of Royalty income of Authors.

          Essential conditions for claiming deduction under this section 80QQB :

          (1)        The deduction is available to an individual who is resident in India and is an author of a book.

          (2)        The book should be a work of literary, artistic or scientific nature.

          (3)        The income must be derived by him in the exercise of his profession.

          (4)        The income must be either:

          (a)        on account of any lump sum consideration for the assignment or grant of any of his interests in the copyright of such book, or

          (b) of royalty or copyright fees (whether receivable in lump sum or otherwise).

          Quantum of Deduction U/s 80QQB :

          100% of such income or Rs.3,00,000, whichever is less.

          However, where the income by way of such royalty or the copyright fee is not a lump sum consideration in lieu of all rights of the assessee in the book, then such royalty, etc., before allowing expenses, in excess of 15% of the value of such books sold during the previous year, shall be ignored.

          Further, where any income is earned from any source outside India, only so much of the income shall be taken into account for the purpose of this section as is brought into India by, or on behalf of, the assessee in convertible foreign exchange within a period of six months from the end of the previous year in which such income is earned or within such further period as the competent authority may allow in this behalf.

          Certificates to be Furnished:

          (1)        No deduction under this section shall be allowed unless the assessee furnishes a certificate in the prescribed form (Form No. 10CCD) arid in the prescribed manner, duly verified by any person responsible for making such payment to the assessee, along with the return of income, setting forth such particulars as may be prescribed.

          (2)        No deduction under this section shall be allowed in respect of any income earned from any source outside India, unless the assessee furnishes a certificate, in the prescribed form (Form No. 10H) from the prescribed authority, along with the return of income in the prescribed manner.

          No Double Deduction:

          Where a deduction for any previous year has been claimed and allowed in respect of any income referred to in this section, no deduction in respect of such income shall be allowed under any other provision of the Act in any assessment year.

          (1)        “Author” includes a joint author;

          (2)        “Books” shall not include brochures, commentaries, diaries, guides, magazines, journals, newspapers, pamphlets, text books for schools, tracts and other publications of similar nature, by whatever name called;

          (3)        “Lump sum”, in regard to royalties or copyright fees, includes an advance payment on account of such royalties or copyright fees which is not returnable.

          (4)        Prescribed authority shall be the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange.

          Tags: Deduction
          ShareTweetPin1
          Previous Post

          [Section 80RRB]: Deduction in respect of Royalty on Patents

          Next Post

          Section 80P: Deduction in respect of Income of Co-operative Societies

          Related Posts

          Basic Rules of Deductions
          Deductions

          Basic Rules of Deductions under Section 80C to 80U [Sections 80A/80AB/80AC]

          March 9, 2023
          Deduction under Section 80C
          Deductions

          Section 80C: Income Tax Deductions for AY 2022-23 and 2023-24

          March 9, 2023
          Deduction under Section 80CCD
          Deductions

          Section 80CCD : Deduction in respect of Contribution to a National Pension Scheme (NPS)

          March 9, 2023
          Deduction under Section 80D
          Deductions

          Section 80D : Deduction in respect of Medical Insurance Premia

          March 9, 2023
          Deduction under Section 80DD
          Deductions

          [Section 80DD]: Deduction in respect of Caring & Maintenance including Medical Treatment of a Disabled Dependent

          March 9, 2023
          Deduction under Section 80DDB
          Deductions

          Section 80DDB : Deduction in respect of Medical Treatment, etc.- to what extent available

          March 9, 2023
          Next Post
          Deduction under Section 80P

          Section 80P: Deduction in respect of Income of Co-operative Societies

          Deduction under Section 80JJAA

          [Section 80JJAA]: Deduction in respect of Employment of New Employees

          Deduction under Section 80IE

          Section 80-IE: Deduction in respect of Certain Undertakings in North Eastern States

          • Trending
          • Comments
          • Latest
          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          January 12, 2023
          Exempted Incomes - Section 10

          Exempted Incomes under Section 10 to 13A under Income Tax Act. 1956

          March 13, 2023
          Residential Status [Sections 5 to 9B]

          Residential Status [Sections 5 to 9B]

          March 4, 2023
          Amendments relating to Incomes which do not Form Part of Total Income by The Finance Bill 2022

          Amendments relating to ‘Exempted Incomes -Section-10’ by The Finance Bill 2022

          November 2, 2022
          Investment in TERM LIFE INSURANCE

          Investment in TERM LIFE INSURANCE for A.Y. 2022-23 & 2023-24.

          18
          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          0
          Amendments relating to Incomes which do not Form Part of Total Income by The Finance Bill 2022

          Amendments relating to ‘Exempted Incomes -Section-10’ by The Finance Bill 2022

          0
          Amendments relating to Income under the Head Profits and Gains of Business or Profession - By Finance Bill 2022

          Amendments to Profits and Gains of Business or Profession – By Finance Bill 2022

          0
          Types-Definitions and Residential Status of Companies

          Types, Definitions and Residential Status of Companies

          March 21, 2023
          Taxation of a Foreign Company

          (Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

          March 21, 2023
          Special Provisions in case of Closely Held Company

          Special Provisions applicable to a Closely Held Company in which Public are Not Substantially Interested

          March 21, 2023
          Tax on Total Income of a Company

          Tax on Total Income of a Company

          March 21, 2023

          Recent Posts

          Assessment of an Individual

          Assessment of an Individual – Computation of Taxable Income

          March 13, 2023
          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          Rates of Income Tax for Assessment Year 2022-23 & 2023-24

          January 12, 2023
          Residential Status [Sections 5 to 9B]

          Residential Status [Sections 5 to 9B]

          March 4, 2023
          Alternate Minimum Tax (AMT) on all Persons

          Alternate Minimum Tax (AMT) on all Persons other than Companies [Sections 115JC to 115JF]

          March 13, 2023
          Direct & Indirect Taxes, Tax Ready Reckoner for AY 2022-23 & 2023-24

          Income Tax Management and Tax Ready Reckoner with Tax Planning for the Assessment Years 2022-2023 & 2023-2024 - for Students, Salaried, Professionals & Businessman.

          Browse by Category

          • Agricultural Income
          • Amendments Bill 2022
          • Assessment
          • Business and Profession
          • Capital Gains
          • Clubbing of Income
          • Deductions
          • Exempted Incomes
          • Gross Total Income (GTI)
          • House Property
          • Income Tax
          • Investment Planning
          • Knowledgebase on IT
          • Other Sources
          • Residential Status
          • Salaries
          • Set Off of Losses
          • Taxation in Companies

          Recent News

          Types-Definitions and Residential Status of Companies

          Types, Definitions and Residential Status of Companies

          March 21, 2023
          Taxation of a Foreign Company

          (Section 115JH): Special Provisions Relating to Foreign Company said to be Resident In India

          March 21, 2023
          • Home
          • Gross Total Income (GTI)
          • Amendments Bill 2022
          • Income Tax
          • Assessment
          • Knowledgebase on IT

          © 2023 : incomeTAXManagement.in - Assessment Years 2022-2023 & 2023-2024.

          No Result
          View All Result
          • Home
          • Gross Total Income (GTI)
          • Amendments Bill 2022
          • Income Tax
            • Exempted Incomes
            • Residential Status
            • Taxation in Companies
          • Assessment
          • Knowledgebase on IT
            • Investment Planning

          © 2023 : incomeTAXManagement.in - Assessment Years 2022-2023 & 2023-2024.