Quick Summary
1. The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one 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 yea
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FAQ :
The incorporation deadline for eligible startups has been extended to 31st March 2023.
Section 80-IAC of the Act provides a deduction of one hundred percent of profits and gains for eligible startups.
The startup must have a total turnover not exceeding one hundred crore rupees, hold a certificate of eligible business from the Inter-Ministerial Board of Certification, and be incorporated within the specified period.
The exemption allows for a deduction of one hundred percent of profits for three consecutive assessment years out of ten.
This amendment takes effect from 1st April 2022 and applies to the assessment year 2022-23 and subsequent years.
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