Startup means an entity, incorporated or registered in India :
Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence. Provided also that an entity shall cease to be a Startup if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 7 years and for biotechnology startups 10 years from the date of incorporation/ registration. Provided further that a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose.
To reduce regulatory liabilities, startups will be allowed to self-certify compliance with nine labour and environment laws. In case of labour laws, no inspection will be conducted for a period of three years.
The opportunity to learn from experienced entrepreneurs and other experts is a great way for those just starting up to understand several nuances of the game. Parts of the programme will also encourage research and innovation among students.
In a welcome move, all startups under the Startup India plan have been exempted from tax for a period of three years. Any investments of higher value than the market price made by incubators and angel investors will also be exempted. Learn about how you can make the most of this advantage.
Various steps are being taken to protect valuable intellectual property, including fast-track examination of patent applications. Not just this, a rebate of 80 per cent of the total value of the patent fees will be granted once the patent is filed. Become more aware about Intellectual Property Rights (IPRs) and learn how to adopt best practices in this field.
Startup India allows companies to register through a single form on their mobile app. There will also be single window clearances for approvals, registrations and filing compliances among other things. With such simplified processes, starting up has become easier than ever before.
The launch of an incubator module endorses the public-private partnership and gives startups the kind of support they need to do well. At the moment, 118 incubators are powering the ecosystem across the country altogether. Find out how you can also be part of this setup.
This move ensures that there are equal opportunities for both startups and experienced entrepreneurs. Earlier this was not possible because all applicants required either ‘prior experience’ or a ‘prior turnover’. But now, public procurement norms have been relaxed for startups. Find out what this means for you.
In case of exit – A startup can close its business within 90 days from the date of application of winding up
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018