What are royalties and are they taxable or not?

Royalty:

A royalty payment is made to the legal owner of a property, patent, copyrighted work or franchise by those who wish to make use of it for the purposes of generating revenue or other such desirable activities. In most cases, royalties are designed to compensate the owner for the asset's use, and are legally binding

Royalty is the income received for the right to use:

• Copyrights
• Patents
• Trademarks and etc.

Yes Royalties are Taxable

I ENDORSE MR ZUBAIR ANSWER   

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