Tax Exemption u/s 80IAC of Income Tax Act to Startup in India
The following entities can claim the profit earned in a previous year as exemption u/s 80IAC:
- The entity must be a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership
- The entity must be formed between 1st April 2016 and 31st March 2023
- The entity must be in existence for a period not more than 10 years from the date of Incorporation
- The annual turnover of the entity must not exceed Rs. 100 crore for any of the financial years since its Incorporation
- The entity must not be formed by the transfer to a new business of machinery or plant previously used for any purpose.
Exception for newly formed entity
- If any machinery or plant was used outside India by any person other than the assessee that shall not be regarded as machinery or plant previously used for any purpose, if all the following conditions are fulfilled, namely:—
(a) such machinery or plant was not, at any time previous to the date of the installation by the assessee, used in India;
(b) such machinery or plant is imported into India;
(c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee.
2. Where in the case of a start-up, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or plant or part so transferred does not exceed twenty percent of the total value of the machinery or plant used in the business, then the condition specified in respect of new plant and machinery therein shall be deemed to have been complied with
Exemption that can be claimed
The above-mentioned entities can claim exemption being 100% of the profit earned from the business for any three consecutive years out of the initial ten years of its Incorporation.
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