Does section 80IAC now abolished?
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To Verify about Income Dedution
Replies (5)
Yes. Section 80IAC is abolished for new startups from FY 2024-25, but older eligible startups can still claim it if they meet the criteria.
Thank you very much for the reply. It means that my start up company incorporated in 2020 then it is eligible for the section 80IAC benefit?
Yes, if you have already claimed the benefit in earlier years.
The company has incorporated but did not make any claim yet.
You can claim it if you have proof of its production date; being before 31.03.2024.
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