Income tax exemption: There is good news for new startups. Now new startups will not have to face much trouble in getting exemption under Income Tax because they will not have to wait for months for the approval letter to get the exemption.
According to exclusive information received from sources, the government is going to streamline the entire approval process so that startups can get the necessary income tax exemption within 30 days.
It is known that at present the applications of about 1500 startups are pending in DPIIT. New startups will soon get the benefit of income tax exemption.
Recognized startup will have to wait for a maximum of a month. Currently an Inter-Ministerial Board validates income tax exemption.
Startups get exemption under sections 80-IAC and 56 of Income Tax. Angel Investor gets tax exemption under Section 56.
