Startup India scheme: What are startups? DIPP unveils FAQs
Startup India scheme: What are startups, how does one avail of tax benefits under the NDA government's scheme, and who does it apply to are some of the questions that have been asked by entrepreneurs over the last few months that PM Narendra Modi has been talking-up his new policy? Today, DIP has answered most of those questions by releasing the frequently asked questions (FAQs) list. The Department of Industrial Policy and Promotion (DIPP) has brought these startups FAQs with an to aim to help budding entrepreneurs. Check them out: (PTI)
Startup India scheme: The tax benefits announced by the government for budding entrepreneurs with an annual turnover of less than Rs 25 crore, will be available from April 1, said the FAQs released by the DIPP. "The tax benefits proposed under the Finance Bill 2016 will be available from 01-04-2016," it said.
Startup India scheme: DIPP said an entity (private limited company or registered partnership firm or Limited Liability Partnership) shall be considered a 'startup' – up to 5 years from the date of its incorporation/registration, and if its turnover for any of the financial years has not exceeded Rs 25 crore. However, it said the entity should not have been formed by splitting up or reconstruction of a business already in existence. (PTI)
Startup India scheme: It said that in order to obtain tax and IPR related benefits, a startup shall be required to be certified as an eligible business from the "Inter-Ministerial Board of Certification". The board would consist of DIPP Joint Secretary, representative of Department of Science and Technology; and Department of Bio-technology.
Startup India scheme: It also said an existing entity that meets the criteria can visit the Startup India portal and mobile app and get itself recognized for various benefits. The FAQs have also explained about the documents required to be uploaded along with the application for registration as a startup on the portal and mobile app.
Startup India scheme: "The tax benefits proposed under the Finance Bill 2016 will be available from 01-04-2016," it added.With a view to promote ease of doing business and reduce transactions time and cost, the application has to be submitted online only. "An entity without a PAN can be registered as a startup. However, it is advised that a valid PAN of the entity is provided at the time of registration, as each entity is separately taxable person," it said.
Startup India scheme: On bodies and agencies that fall under the category of funding bodies, it said Alternate Investment Funds, Venture Capital Funds, Angel Fund and Seed Funds registered with SEBI will be eligible for providing recommendation/ support/endorsement letter to entities in which not less than 20 percent equity is taken up by such funds.
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ANALYSIS / EXPERT COMMENTS
- Meghnad Desai
India needs a body like the UK’s Office of Budget Responsibility
- Anita Rastogi
In addition to simplifying the taxation structure, implementation of the GST regime will help eliminate most indirect tax issues
- Nirvikar Singh
Repressive regimes fail to deliver inclusive and substantive economic growth
- Anwar Shirpurwala
Extend duty incentives for mobile phones and tablets to all Information Technology Agreement goods
- Eric Mehta
Will this Budget be an enabler for ‘Make in India’, ‘Make for India’ and, most importantly, ‘Make India’ is something that will soon be answered