News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 List of key changes in ITR forms 1 and 2 for FY19
 2 Accounting methods to calculate income tax
 5 lesser known tax saving options that can maximise your earnings
 Here's what the changes in Form 16 will mean for you
 Your guide to filing income tax returns this year
 Income Tax rules for new financial year
 How to claim income tax refunds in 2019 in India
 What Latest Form 16 Changes Mean For You
  Companies (Incorporation) Third Amendment Rule,2019
 Filling salary details in ITR-1 for FY 2018-19 gets easier for taxpayers
 All the new details required in income tax return forms for FY18-19

Centre approves tax sops for two more start-ups
September, 20th 2016

The Centre has agreed to extend income tax concessions to two more start-ups while deferring a decision on five proposals and rejecting 14 in the fourth meeting of the Inter-Ministerial Board (IMB).

This takes the total approvals for the three-year income tax exemption offered to eligible start-ups under the government’s ‘Start-up India’ scheme to five, and the number is rising.

“We have already received 25 proposals for the fifth meeting and the number would be much higher by the time the meeting happens,” an official in the Department of Industrial Policy & Promotion (DIPP) told BusinessLine.

The two start-ups that have received the nod for tax-break include Riots Solution Private Ltd, a company delivering health-care solutions incubated in BITS Pilani, Rajasthan, and Incredible Devices Private Ltd, another company in the health-care sector.

The five start-up proposals, where a decision on tax-break has been deferred, have been asked to submit some missing information and documents. “Start-ups are to be given tax concessions only on the basis of innovation. The IMB members have to be satisfied that similar products do not already exist in the market,” the official said.

Applicants are asked to submit a write-up on the actual innovative component in their project.

Under the Start-up India scheme, only those start-ups that are incorporated after April 1 2016 are eligible for concessions. The DIPP is in talks with the Finance Ministry to make even slightly older start-ups eligible for the tax sop and also increase the period for which the concessions are given from three years to five years.

The government is also examining the possibility of extending more incentives to start-ups, which may include additional tax sops, lower compliance burden and easier listing norms. The DIPP is studying best practices in other countries to see whether some could be incorporated in India.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions