Tax Exemption to Startups for 3 years : Prime Minister Narendra Modi unveiled government’s Start-up India policy at an event held in Vigyan Bhawan, New Delhi on January 16, 2016. The Action Plan aims to promote the growth of Startups and address working capital requirements and take forward the startup culture, making it easier for young, aspiring Indians to build on their business ideas.
Innovation is the essence of every Startup. Young minds kindle new ideas every day to think beyond conventional strategies of the existing corporate world. During the initial years, budding entrepreneurs struggle to evaluate the feasibility of their business idea.
Significant capital investment is made in embracing ever-changing technology, fighting rising competition and navigating through the unique challenges arising from their venture. Also, there are limited alternative sources of finance available to the small and growing entrepreneurs, leading to constrained cash funds.
With a view to stimulate the development of Startups in India and provide them a competitive platform, it is imperative that the profits of Startup initiatives are exempted from income-tax for a period of 3 years.
This fiscal exemption shall facilitate growth of business and meet the working capital requirements during the initial years of operations. The exemption shall be available subject to non-distribution of dividend by the Startup.
For more info on Tax Exemption to Startups kindly log on to Aapka Consultant or reach us at : info@aapkacconsultant.com
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