Startups Can Claim Section 80-IAC Deduction from First Year of DPIIT Recognition: ITAT Pune

Advertisement Alifcloud IT Consulting Pvt Ltd Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune, allowed the appeal of the assessee and held that an eligible startup is entitled to claim deduction under Section 80-IAC of the Income Tax Act from the first assessment year in which it becomes eligible, and there is no requirement to complete three consecutive years before claiming the deduction. The assessee, a private limited company incorporated on 2 August 2020, was engaged in providing innovative IT solutions and was recognized as an eligible startup by the Department for P...