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What is a Startup registration in India?

Every single moment, a new start-up is set up by Young entrepreneurs and this probably has been one of the major surge in India after Narendra Modi, the Prime Minister of India, launched the startup program. 


A startup can be defined as a newly set up established business, usually small, started by a few groups of individuals. A startup is an innovative Creation of an individual or a group of individuals who aims to provide a new product or service that is not being given elsewhere by any other firm. This kind of firm can either create a new product or services or could help in the redevelopment of the old and existing service or product.


Eligibility criteria for being applicable for startup tax exemption.

If your start-up is recognized and is registered under Startup India Program, then under the section 80-IAC of the Income Tax Act, 1961, you are eligible to apply for this scheme of this tax exemption. Thus in order to be eligible for registering under this scheme, the following are the criteria a startup must comply with: 

  1. The firm must be registered under the  Startup India Program as a startup
  2. Your startup must have been incorporated on or after 1st April 2016
  3. If your firm is a Private Limited Company or Limited Liability Partnership, then only you are eligible to get tax exemption under section 80-IAC.
  4. The annual turnover of these firms must not be greater than 25 crores.
  5. The Company must not be created by splitting an existing Company and starting up a new firm instead.


Benefits of the Tax Exemption

These are the benefits if your startup is eligible for the Tax Exemption : 

  1. It can have a tax holiday up to 3 consecutive financial years out of its first 10 years of incorporation.
  2. You get the benefits of exemptions from tax on long-term capital gains, under this scheme.
  3. You could get tax exemptions on investments which are above the fair market value.



Thus as a conclusion, all we can say is that, for benefiting from these Schemes, submit your documents from time to time to the concerned authorities, and in order for any assistance, our experts are always available for your help. 


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FAQ - Frequently asked questions

What is Section 80 IAC?

Startup broadly under Section 80 IAC of the Income Tax Act is allowed 100 per cent deduction of income for three years out of seven years from the year of its incorporation.

How do I avail tax exemption?

According to this revision, donations exceeding Rs. 500 to an NGO will be eligible for tax exemption of 50 per cent under Section 80G of the Income Tax Act, 1961.