Govt nod for 187 startups for tax exemption
Eligible startups get 100% I-T deduction on profits for any 3 consecutive years
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New Delhi: In a significant boost to India’s startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for income-tax exemption under the revamped Section 80-IAC of the Income-Tax Act, according to an official statement issued on Thursday.
According to a DPIIT spokesperson, the tax benefit allows eligible startups a 100 per cent income-tax (I-T) deduction on profits for any three consecutive years within a 10-year window from the date of incorporation. The scheme is designed to support emerging businesses in their formative years, encouraging innovation, job creation, and wealth generation.
