DIPP: Modifies definition of 'Startup'; Prescribes eligibility criteria for claiming tax reliefs

Apr 13,2018

As part of Govt.'s 'Startup India' initiative, the Department of Industrial Policy and Promotion ('DIPP') constitutes a broad based Inter-Ministerial Board ('IMB') to consider applications of Startups for claiming specified incentives under the Income Tax Act, 1961 ('the Act'); Specified incentives under the Act include (i) exemption from levy of tax on share premium received by eligible Startups u/s 56 of the Act and (ii) 100% deduction of profits and gains from ...

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