By Shilpa Ranipeta Feb 1, 2022 2:46:19 PM IST (Published)
Under this incentive, eligible startups can claim a 100 percent tax rebate on profits they make for three years out of the ten years since incorporation, but provided that their annual turnover is not over Rs 25 crore in any financial year.
Startups planning to get into a business over the next 14 months will get to avail of incentives that were so far available only to those startups incorporated on or before March 31, 2022.
The period of incorporation of startups eligible to avail tax incentives has been extended by one more year, up to March 31, 2023, union finance minister Nirmala Sitharaman said while presenting the Union Budget for 2022-23.
Under this incentive, eligible startups can claim a 100 percent tax rebate on profits they make for three years out of the ten years since incorporation, but provided that their annual turnover is not over Rs 25 crore in any financial year.