Friday, March 29

Tag: arun jaitley budget 2017

Budget Extends Window For Startups to Avail Tax Benefits
INDIA

Budget Extends Window For Startups to Avail Tax Benefits

Finance Minister Arun Jaitley has proposed extending the window for startups to avail tax benefits to first seven years of existence, a move that will allow new ventures to extract full benefit of the permitted deductions. Earlier, startups were allowed to claim profit-linked deduction for three years out of the first five years of existence. "...the profit linked deduction available to the start-ups for three years out of five years is being changed to three years out of seven years," Jaitley said in his Budget Speech. Nasscom President R Chandrashekhar said, startups could not avail full benefits of the three-year clause as they typically tend to begin making profits only after a few years of operation. "By then, the window of benefit would end. Now even if the startup reports prof...