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In order to encourage sustainable economic development in India Government of India came up with flagship initiative with the Union Budget of 2016-17 called “Startup India”. The vision behind this flagship mission was to generate extensive employment opportunities and to promote foreign direct investment by enabling startups to promote business. This initiative enabled eligible startups to avail numerous concessions and exemptions in the form of regulatory and other tax benefits. In this article, we will discuss Income Tax Laws for Startups.
Here in this article, we will highlight various income tax regulations for startups:
The government of India came up with a term called as an “Eligible Startup” which are qualified for availing regulatory and tax incentives. There are certain requirements that need to be fulfilled in order to make an entity qualified as ‘Startup’.
The various exemptions allowed for eligible startups under government are:
There are a few important taxes that startups are subjected to but not known by most of them. Here are some important taxes that startups need to register with:
Read More: Are Startups in India Eligible for Tax Benefits?.
The various compliances that startups need to follow are:
Limited Liability Partnership (LLP) is governed by the Limited Liability Partnership Act, 2008. LLP has a separate legal entity in which one partner is not liable for the unauthorized actions of another partner. The taxation policy in case of LLP is similar as in partnership firm which is taxable at the rate of 30%.
In order to give impetus to the growth of startups, the government took major steps by proposing new policies. This step not only helped to generate extensive employment opportunities but also helped to promote economic growth in India.
Hope this article helped to enrich your knowledge. Feel free to contact us in case of any query.
Also, Read: 541 Startups Get Angel Tax Exemption: DPIIT Secretary.
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