New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    Deduction in respect of royalty income of authors under

    Chapter VI is allowed under Section:
    A 80 P Correct Answer Incorrect Answer
    B 80 QQB Correct Answer Incorrect Answer
    C 80 CCB Correct Answer Incorrect Answer
    D AAB Correct Answer Incorrect Answer

    Solution

    Section 80QQB of the Income Tax Act, 1961 provides a deduction to authors of certain specified works, which includes books (other than text-books for schools and colleges), to whom royalty income is payable. The deduction is allowed for the amount received or receivable as royalty income on such works. The deduction is limited to a maximum of Rs. 3,00,000 for authors of books in any financial year.

    Practice Next