Finance minister Nirmala Sitharaman on Thursday proposed to extend by a year the tax holiday for eligible ventures under the scheme.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIM Kozhikode | IIMK Advanced Data Science For Managers | Visit |
| IIM Lucknow | IIML Executive Programme in FinTech, Banking & Applied Risk Management | Visit |
| IIT Delhi | IITD Certificate Programme in Data Science & Machine Learning | Visit |
Previously, the deadline for incorporation was March 31, 2024. Now, startups that will be formed in the coming fiscal year too will get the benefit under the scheme.
Currently, under the Startup India scheme, the Department for Promotion of Industry and Internal Trade recognises 1,17,000 registered startups. For an entity to be eligible for availing of the tax incentive, its turnover should be less than Rs 100 crore in any of the previous financial years.
After getting registered with the department as a startup, the venture may apply for tax exemption under Section 80-IAC of the Income Tax Act. Once it is cleared for exemption, the startup can avail of the tax holiday for three consecutive financial years out of the first ten years since its incorporation.
Discover the stories of your interest
