What is a Startup?
Startup
means an entity, incorporated or registered in India:
·
Upto a period of seven years from the date of
incorporation/registration or upto ten years in case of Startups in
Biotechnology sector
·
As a private limited company or registered as a partnership
firm or a limited liability partnership
·
With an annual turnover not exceeding Rs.25 crore for any
of the financial years since incorporation/registration
·
Working towards innovation, development or improvement of
products or processes or services, or if it is a scalable business model with a
high potential of employment generation or wealth creation
Provided
that an entity formed by splitting up or reconstruction of an existing business
shall not be considered a ‘Startup’.
An entity
shall cease to be a Startup:
·
On completion of seven years from the date of its
incorporation/registration, ten years in case of Startups in Biotechnology
sector, or
·
If its turnover for any previous year exceeds Rs. 25 crore
Incentives under Startup India Scheme
Under
this plan the new startups in India can avail of regulatory and tax
benefits, capital gains tax exemption, as well as access to government
funding if they fulfill certain criteria.
Other
benefits include reduction in patent registration fees by 80 percent and
trademarks filing fees by 50 percent as well as free legal assistance;
simpler entry and exit norms; protection of intellectual property
rights (IPR); and facilities to promote entrepreneurship among women and
SC/ST communities.
Tax Exemptions under Startup India Scheme
3 year
tax holiday in a block of seven years: Income Tax exemption for three
years in a block of seven years, if they are incorporated between April 1, 2016
and March 31, 2019.
Tax
exemption to Individual/HUF on investment of long-term capital gain in equity
shares of Eligible Startups u/s 54GB: Exemption from tax on capital
gains arising out of sale of residential house or a residential plot of land if
the amount of net consideration is invested in equity shares of an eligible
startup for utilizing the same for purchase of specified asset (Section
54 GB of the Income-tax Act, 1961).
Exemptions
on investments above fair market value, introduced on June 14, 2016
for investments made in startups.
Exemption
from tax on Long-term capital gains: Eligible startups are
exempt from their tax on a long-term capital gain if such a long-term capital
gain or a part thereof is invested in a fund notified by Central Government
within a period of six months from the date of transfer of the asset.
Note: To avail these tax benefits, the entity must obtain a certificate from the Inter-Ministerial Board of Certification. Which can be applied here (Click Here).
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