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Extension of timeline for tax benefits to start-ups The existing provisions of Section 80-IAC of the Act, inter alia, provide 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 incorporation, at the option of the assessee subject to the condition that , - (I) the total turnover of its business does not exceed one hundred cro
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FAQ :
Section 80-IAC provides eligible start-ups with a deduction of 100% of their profits for three consecutive assessment years, provided certain conditions are met.
Eligible start-ups must now be incorporated before April 1st, 2030, to qualify for the tax benefits.
The amendment to extend the benefits will take effect from April 1st, 2025.
An eligible start-up must have a total business turnover not exceeding one hundred crore rupees, hold a certificate of eligible business from the Inter-Ministerial Board of Certification, and be incorporated on or after April 1st, 2016, but before April 1st, 2030.
The tax benefit allows for a deduction of 100% of profits for three consecutive assessment years out of ten years from the year of incorporation.
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