Tuesday, April 23

Tag: Startup Tax Rules

Only 88 Out of 8,756 DIPP Recognized Startups Received Tax Benefits in India
6Apr By Lavina TolaniNo Comments
INDIA

Only 88 Out of 8,756 DIPP Recognized Startups Received Tax Benefits in India

The Government has decided to extend tax benefits of 88 startups out of 8,765 that have been recognized by the Department of Industrial Policy and Promotion as reported by a top official today. Prime Minister, Narendra Modi had introduced a spectrum of incentives on January 2016 to encourage startup growth in the country which included a provision of a tax holiday, exemption from capital gains and an inspector raj free regime as a part of the action plan. Starting January 2016, 88 startups out of 8756 have been identified for claiming the tax exemption, said DIPP Secretary Ramesh Abhisheikh. These startups are from different sectors that include:   IT Services (15 percent) Education (7 percent) Healthcare and Life Sciences (12 percent) Agriculture (4 percent) ...
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DIPP Cancels Certification of Companies Posing as “Startups”
3Apr By Lavina TolaniNo Comments
INDIA

DIPP Cancels Certification of Companies Posing as “Startups”

Department of Industrial Policy & Promotion (DIPP) has put an end to some certifications and issued warnings to organizations seeking to avail exemptions by categorizing themselves as "startups". In a recent meeting of Inter-Ministerial Group on Startups held on March 15, certificates of recognition and that of eligibility given to two entities- Riot Solutions and JVS Flow Control PC were revoked on account of failing to give a report on whether they were subsidiaries of some companies or working as individual organizations. A government official reported, "These organizations were sent queries by IMG a few months back but have not responded yet. Hence, IMG has revoked certifications issued to them. It should serve as a warning to others." IMG has come to know that certain fir...
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