Startups with turnover of up to ₹25 cr will continue to get tax holiday: CBDT

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

The CBDT (Central Board of Direct Taxes), on Thursday, declared that small startups with a turnover of up to ₹25 crore will continue to get the promised tax holiday.

The CBDT said that the Section 80-IAC of the Income Tax Act, 1961, which specify tax holiday, will continue to provide deduction for 100 per cent of income of an eligible startup for three years out of seven years from the year of its launched.

The department further stated, “startup recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) which fulfills the conditions specified in the DPIIT notification does not automatically become eligible for the deduction under Section 80-IAC of the I-T Act. A startup has to fulfill the conditions specified in Section 80-IAC for claiming this deduction. Therefore, the turnover limit for small startups claiming deduction is to be determined by the provisions of Section 80-IAC of the I-T Act and not from the DPIIT notification.”

While, in a circular, the department also said that there will be no verification of a startup if it is recognised by the Department for Promotion of Industry and Internal Trade.

Moreover, if a startup is not recognised by the DPIIT, then too the inquiry would be carried out after the approval of a supervisory officer.

Also read: Google, Facebook, other global tech cos likely to get bigger tax bill from CBDT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Class X Delhi students opt for an easier Basic Mathematics : CBSE Report

Central Board of Secondary Education (CBSE) in January offered the class X board examination students the option to choose...

Bungie disables Dynamic Armor Mod in Destiny 2 to avoid difficult PvE encounters

Bungie released the season 9 of Destiny 2 recently. The new season comes with the tagline "Fix the Timeline." The studio released the roadmap...

Sanjivani episode 88, written update December 11: Sid continues to pursue Ishani

The upcoming episode of Sanjivani begins as Dr. Ishani becomes emotional after seeing Dr. Sid's proposal. Dr. Ishani suffers an emotional breakdown, and doesn't...

‘Marriage Story’ review: A painfully funny account of a divorce

There is enough in this Marriage Story to love, about people who used to love each other.  “Afterwards I was introduced to the cast and...

‘Tribhanga’: Kajol wraps up the shoot of her upcoming Netflix film

The shoot of Kajol starrer upcoming Netflix film Tribhanga has been completed. The film’s producer Sidharth P Malhotra took to his social media account...
- Advertisement -

More Articles Like This