Upcoming Startups in India (1)

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upcoming Startups in India Eligibility and Tax
Exemptions

• Startup India campaign is a program launched by
  the Indian government to boost entrepreneurship
  in India. The action plan is aimed at promoting
  bank financing for startups, simplifying the
  incorporation of the startup process and grant of
  various tax exemptions and other benefits to
  startups.
• Eligibility for Upcoming Startups in India
• As per the Government Startup Action plan, the
  followings conditions must be fulfilled in order
  to be eligible as a Startup
• The startup should be registered in India for
  less than seven years and for technology startups
  up to 10 years from its date of incorporation.
• The annual turnover must not exceed Rs 25 crores
  in any of the preceding financial years.

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Eligibility for Upcoming Startups in India

• The startups should be directed towards
  development, deployment, innovation or
  commercialization of new products, processes or
  services driven by technology or intellectual
  property.
• The business must not be formed by splitting up
  or reconstruction of a business already in
  existence.
• The startup must obtain certification from the
  Inter-Ministerial Board setup.
• It can be incorporated as a private limited
  company, registered partnership firm or a limited
  liability partnership.

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Tax exemptions allowed to Eligible Upcoming
Startups in India under Startup India Program

• According to the latest Business News, the
  following tax exemptions have been allowed to
  eligible startups
• Exemption from tax on long term capital gains
  The startups will be exempted from the tax on a
  long-term capital gain if the long-term capital
  gain or a part thereof is invested in a fund
  notified by the Central Government within a
  period of six months from the date of transfer of
  the asset. 
• Tax exemption on investments above the fair
  market value The government has exempted the tax
  being levied on investments above the fair market
  value in eligible startups.
• 3 year tax holiday in a block of seven years The
  startup is eligible for getting 100 tax rebate
  on profit for a period of three years in a block
  of seven years provided that annual turnover does
  not exceed Rs 25 crores in any financial year.

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