In a significant boost to India’s ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/startup-ecosystem” target=”_blank”>startup ecosystem, the Department for Promotion of Industry and Internal Trade ( ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/dpiit” target=”_blank”>DPIIT) has approved 187 ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” target=”_blank” href=”https://economictimes.indiatimes.com/small-biz/startups”>startups for ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/income-tax-exemption” target=”_blank”>income tax exemption under the revamped Section 80-IAC of the Income Tax Act, the government said Thursday. The tax benefit allows eligible startups a 100% income tax deduction on profits for any three consecutive years within a ten-year window from the date of incorporation.
The scheme is designed to support emerging businesses in their formative years, encouraging ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/innovation” target=”_blank”>innovation, ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/job-creation” target=”_blank”>job creation, and…
