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The Startup India initiative is an initiative by the Government of India to enable innovative businesses to develop by giving them a series of financial, taxation and other forms of benefits.
The Startup India initiative is an initiative by the Government of India to enable innovative businesses to develop by giving them a series of financial, taxation and other forms of benefits. The reimbursement of the amount spent on treatment is by far one of the most significant incentives and comes in the form of tax exemption under Section 80 IAC of the Income Tax Act.
We, at Device Doctor India, aid startups in decoding, implementing, availing of, and maximising savings under this scheme – thus facilitating easier registration, adherence, and utilisation.
A startup has to fulfil the requirements set by DPIIT (Department for Promotion of Industry and Internal Trade) in order to qualify to the exemption.
Shall be incorporated as a Private Limited Company, LLP or Partnership Firm.
Must be identified by DPIIT as a Startup
Need to be incorporated subsequent to 1 st April 2016.
Annual value of turnover has to be less than 100 crore in each of the last two preceding fiscal year.
Startup must be moving towards innovation/development, enhancement of products.
The formation of entity should not be in division or reconstitution of an existing business
In making the exemption application, you must submit:
Shall be incorporated as a Private Limited Company, LLP or Partnership Firm.
Get required documents ready and prepare tax exemption application.
TD-Metaldiv gives permit.
After approval your startup is eligible to enjoy 3 years tax exemption.
We are knowledgeable to the woes startups would encounter in compliance and taxation. Our professionals offer a fully-integrated service.
Section 80 IAC exemption Assets already covered under the exemptions under section 80G and 80GG Salary equivalent of house rent allowance Exemption on principal repayment Interest on home loan at a concessional rate Conditions of Section 80 IAC Exemption.
Besides Section 80 IAC, startups benefit in a variety of ways:
start-up is eligible to enjoy three years of one hundred percent tax exemption in the first ten years after incorporation.
Yes, so long as it is a DPIIT-recognized LLP and fulfils other standards.
Not, after the exemption has been issued, the same encompasses the 3 financial years that were approved.
No startups are allowed to select any 3 years in the initial 10 years of incorporation.
We offer complete services, including the process of DPIIT recognition and preparation of documents and approval in the IMB, which goes quickly and without problems.
