India focus: Untangling the tax laws

As one of the most rapidly developing fields in India, intellectual property rights have attracted their fair share of complexities. IP is not explicitly defined in India’s Income Tax Act 1961 but has instead been indicated as “block assets”. Block assets comprise tangible and intangible assets wherein the intangible assets include patents, copyrighted works, trademarks, licences, franchises or any other business or commercial rights of a similar nature.