Скачать или смотреть Tax Deduction for Startups

Who can get deduction for startups u/s 80IAC ?
Only eligible startups can claim deduction .

Who is eligible startup for tax deduction?
=Eligible start-up means a company or a limited liability partnership Carrying on business which involves
innovation,
development,
deployment or commercialisation of new products,
processes or
services driven by technology or intellectual property;

Is that all ? Any other conditions ?
=Yes , company or LLP must satisfy conditions given below :
#1 must be incorporated between 1st April 2016 to 31st March 2019
#2 The total turnover of its business 250 million(25 crore) is less than in any of the previous years FY 2016-17 to FY 2020-21 and
#3 It obtained Inter-Ministerial Board of Certification.

How much deduction is allowable to a startup u/s 80IAC?
=Deduction is 100% of profit for 3 consecutive assessment years.Startup can select beginning year within first 7 years of starting the business.

What type of startups not eligible for claiming deduction u/s 80IAC?
=No deduction if Startup is
formed by splitting up, or the reconstruction, of a business already in existence.
However, start-up formed as per condition u/s 33B is allowed .
2. formed by the transfer of machinery or plant previously used for any purpose.
However, machinery used out side India is allowble if
1) Plant & Machinery was not utilized in India by that assessee
2) Plant & Machinery is imported .
3) Depreciation was claimed on that