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 year of incorporation, at the option of the assesses subject to the condition that,- (i) the total turnover of its business does not exceed one hundred crore rupees, (ii) it is holding a certificate
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
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.
CAclubindia
