Quick Summary
The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years, beginning from the year of
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FAQ :
The new incorporation deadline for eligible start-ups to claim tax exemption under section 80-IAC is April 1, 2024.
Eligible start-ups can receive a deduction of 100% of their profits and gains for three consecutive assessment years out of ten.
Conditions include a total turnover not exceeding one hundred crore rupees, holding a certificate of eligible business from the Inter-Ministerial Board of Certification, and being incorporated on or after April 1, 2016, but before April 1, 2024.
This amendment takes effect from April 1, 2023, and applies to the assessment year 2023-24 and subsequent assessment years.
The purpose is to further promote the development of start-ups in India and provide them with a competitive platform.
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