Income Tax Act, 2025
Section 1: Ins. by Act 32 of 2003, s. 45 (w.e.f. 12004).
1. Ins. by Act 32 of 2003, s. 45 (w.e.f. 12004).
423
(g) “royalty”, in respect of a patent, means consideration (including any lump sum consideration
but excluding any consideration which would be the income of the recipient chargeable under the
head “Capital gains” or consideration for sale of product manufactured with the use of patented
process or of the patented article for commercial use) for—
(i) the transfer of all or any rights (including the granting of a licence) in respect of a patent;
or
(ii) the imparting of any information concerning the working of, or the use of, a patent; or
(iii) the use of any patent; or
(iv) the rendering of any services in connection with the activities referred to in sub-clauses
(i) to (iii);
(h) “true and first inventor” shall have the meaning assigned to it in clause (y) of sub-section (1)
of section 2 of the Patents Act, 1970 (39 of 1970).]
80S. [Deduction in respect of compensation for termination of managing agency, etc., in the case of
assessees other than companies.] Omitted by the Finance Act, 1986 (23 of 1986), s. 22 (w.e.f. 11987).
Original section was introduced in place of old section 112 by the Finance (No. 2) Act, 1967 (20 of
1967), s. 33 and the Third Schedule (w.e.f. 11968).
80T. [Deduction in respect of long-term capital gains in the case of assessees other than companies.]
Omitted by the Finance Act, 1987 (11 of 1987), s. 38 (w.e.f. 11988). Original section was inserted by
the Finance (No. 2) Act, 1967 (20 of 1967), s. 33 and the Third Schedule (w.e.f. 11968) in replacement
of section 114.
80TT. [Deduction in respect of winnings from lottery.] Omitted by the Finance Act, 1986 (23 of
1986), s. 24 (w.e.f. 11987). Original section was inserted by the Finance Act, 1972 (16 of 1972), s. 22
(w.e.f. 11972) and amended by the Finance (No. 2) Act, 1980, (w.e.f. 11981).
1[CA.—Deductions in respect of other incomes
80TTA.Deduction in respect of interest on deposits in savings account.—(1) Where the gross total
income of an assesse 2[(other than the assessee referred to in section 80TTB)], being an individual or a
Hindu undivided family, includes any income by way of interest on deposits (not being time deposits) in a
savings account with—
(a) a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies
(including any bank or banking institution referred to in section 51 of that Act);
(b) a co-operative society engaged in carrying on the business of banking (including a
co-operative land mortgage bank or a co-operative land development bank); or
(c) a Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of
1898),
“royalty”, in respect of a patent, means consideration (including any lump sum consideration
but excluding any consideration which would be the income of the recipient chargeable under the
head “Capital gains” or consideration for sale of product manufactured with the use of patented
process or of the patented article for commercial use) for—
the transfer of all or any rights (including the granting of a licence) in respect of a patent;
or
the imparting of any information concerning the working of, or the use of, a patent; or
the use of any patent; or
the rendering of any services in connection with the activities referred to in sub-clauses
to
“true and first inventor” shall have the meaning assigned to it in clause
of sub-section
of section 2 of the Patents Act, 1970 (39 of 1970).]
80S. [Deduction in respect of compensation for termination of managing agency, etc., in the case of
assessees other than companies.] Omitted by the Finance Act, 1986 (23 of 1986), s. 22 (w.e.f. 11987).
Original section was introduced in place of old section 112 by the Finance (No. 2) Act, 1967 (20 of
1967), s. 33 and the Third Schedule (w.e.f. 11968).
80T. [Deduction in respect of long-term capital gains in the case of assessees other than companies.]
Omitted by the Finance Act, 1987 (11 of 1987), s. 38 (w.e.f. 11988). Original section was inserted by
the Finance (No. 2) Act, 1967 (20 of 1967), s. 33 and the Third Schedule (w.e.f. 11968) in replacement
of section 114.
80TT. [Deduction in respect of winnings from lottery.] Omitted by the Finance Act, 1986 (23 of
1986), s. 24 (w.e.f. 11987). Original section was inserted by the Finance Act, 1972 (16 of 1972), s. 22
(w.e.f. 11972) and amended by the Finance (No. 2) Act, 1980, (w.e.f. 11981).
1[CA.—Deductions in respect of other incomes
80TTA.Deduction in respect of interest on deposits in savings account.—
Where the gross total
income of an assesse 2[(other than the assessee referred to in section 80TTB)], being an individual or a
Hindu undivided family, includes any income by way of interest on deposits (not being time deposits) in a
savings account with—
a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies
(including any bank or banking institution referred to in section 51 of that Act);
a co-operative society engaged in carrying on the business of banking (including a
co-operative land mortgage bank or a co-operative land development bank); or
a Post Office as defined in clause
of section 2 of the Indian Post Office Act, 1898 (6 of
1898),