I am filing my ITR 3 under Section 44ADA. What is the relevant professional income code for Royalty Income from Books?
Ans: Royalty has embedded in it the concept of rentals received as consideration for use of or the right to use any patent, trademark, design or model, plan, secret formula or process.
So in my view if it is chargeable as Income from Business & Profession and in the absence of any specific clarification/code, it can be considered under code Retail sale of other products n.e.c – 09028.