Income Tax : Section 80-IAC is amended to extend 100% profit deduction for eligible start-ups incorporated until April 1, 2030, effective from ...
Income Tax : The Finance Bill 2025 extends the tax deduction under Section 80-IAC for eligible startups until 2030, providing a 100% deduction ...
Income Tax : Learn about tax loss adjustments, including intra-head and inter-head, carry forward rules, and restrictions on set-offs under Ind...
Income Tax : Discover how startups can benefit from tax holidays under Section 80-IAC recognized by DPIIT. Learn eligibility, benefits, and the...
Finance : Explore transformative journey of Startup India, catalyzing innovation and economic growth. Learn about eligibility, benefits, and...
Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...
Income Tax : 4 Major Tax Exemptions to Startups includes Income Tax Exemption on profits under Section 80-IAC of Income Tax (IT) Act, Tax Exemp...
Income Tax : The Finance Act, 2017 amended section 79 to provide that where a change in shareholding has taken place in a previous year in the ...
Income Tax : ITAT Mumbai held that initiation of revisionary proceedings u/s 263 of the Income Tax Act justified as assessment order was passed...
Income Tax : Spinks Impex Vs ITO (ITAT Delhi) Hon’ble Apex court in the matter of PCIT vs. Aarham Softronics [2019] 102 com 343 (SC), pronoun...
Income Tax : The decision of the Hon'ble Supreme Court in Bajaj Tempo Ltd. (supra), was followed in CIT vs.Nayyars Minerals Export (P.) Ltd. re...
Income Tax : ACIT Vs Finolex Cables Limited (ITAT Pune) The solitary issue involved in the appeal of the Revenue for A.Y. 2012-13 relating to t...
Income Tax : The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to...
Understanding the concept of Angel Tax & its taxability under the Income Tax Act 1961. Learn how it impacts entrepreneurs and new ideas.
The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years, beginning from the year of incorporation, at the […]
What is Startups? A Startup is a company or project undertaken by an entrepreneur to seek, develop and validate s scalable business model. In layman’s language we can say startups refer to new businesses that intend to grow large beyond the solo founder and to help the business to grow our union government provides to […]
There are very few eligible startups which are allowed to claim deduction under section 80IAC by ministry. Hence the startup must use this tax exemption wisely. Before filling Income Tax return (ITR) and claiming deduction under section 80IAC, the startup must keep following points in mind. Otherwise, it may result in disallowance of deduction and increase […]
Startup Recognition: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127(E) are eligible to apply for recognition under the program. Eligibility Criteria for Startup Recognition as per G.S.R. notification 127(E) is as follows: 1. The Startup should be incorporated as a private limited company or registered as […]
The decision of the Hon’ble Supreme Court in Bajaj Tempo Ltd. (supra), was followed in CIT vs.Nayyars Minerals Export (P.) Ltd. reported in (1998) 231 ITR 864 (HP), wherein it was held that hiring of certain machineries from sister concern would not amount to transfer as provided under Section 80J(4)(ii) of the Act.
I. Introduction What qualifies as a “Start-up” under the Start-up India Scheme? An entity shall be eligible to apply for Start-up Registration if: 1. It is incorporated as a Pvt Ltd Company or registered partnership firm or LLP. 2. Up to ten years from the date of its incorporation/registration 3. Turnover for any of the […]
The Startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership. Turnover should be less than INR 100 Crores in any of the previous financial years since incorporation.
Proposed Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up under Finance Bill 2021 The existing provisions of the section 80-IAC of the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business […]
ACIT Vs Finolex Cables Limited (ITAT Pune) The solitary issue involved in the appeal of the Revenue for A.Y. 2012-13 relating to the assessee‟s claim for deduction u/s 80IC of the Act in respect of sale of scrap is squarely covered in favour of the assessee by various decisions of Tribunal rendered in assessee‟s own […]
