FAQs on exemption u/s 80IAC of Income Tax Act
Q: What is Section 80IAC of the Income Tax Act?
A: Section 80IAC of the Income Tax Act, 1961, provides tax benefits to eligible start-up entities registered on DPIIT.
Q: Who is eligible to claim benefits under Section 80IAC?
A: To be eligible for benefits under Section 80IAC, a company must meet the following criteria:
- It should be a company, LLP or registered partnership
- It must be incorporated as a company after April 1, 2016, but before March 31, 2023.
- The start-up should be engaged in an eligible business, which includes innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.
Q: Can individual claim the deduction u/s 80IAC of the Income TaxAct?
A: No, an individual or HUF cannot claim the deduction u/s 80IAC of the Act
Q: What are the benefits available under Section 80IAC?
A: The eligible start-up can claim a 100% deduction of its profits and gains for a consecutive period of 3 out of 10 years from the year of incorporation. This means that the taxable income of the start-up can be reduced by the amount of profits and gains derived from the eligible business.
Q: How long can the benefit be claimed under Section 80IAC?
A: The benefit under Section 80IAC can be claimed for a period of 3 consecutive years out of the first 10 years from the year of incorporation. The start-up can choose any 3 years within this period to claim the deduction.
Q: Are there any restrictions or conditions for claiming benefits under Section 80IAC?
A: Yes, there are certain conditions and restrictions to claim benefits under Section 80IAC. Some of the key conditions include:
- The start-up must be certified by the Inter-Ministerial Board (IMB) set up by the DIPP.
- The start-up must not have been formed by splitting up or reconstruction of an existing business.
- The benefit can only be claimed by the start-up for 3 consecutive years out of the first 10 years from the date of Incorporation.
Q: How should a start-up claim the benefits under Section 80IAC?
A: The start-up should file its income tax return and claim the deduction under Section 80IAC by providing the necessary details of its eligible business and the certified eligibility from the Inter-Ministerial Board
Q: Can the deduction be claimed in any three years?
A: The deduction has to be claimed for three consecutive years out of the first 10 years of its Incorporation
Q: Which first ten years are considered for deduction?
A: The first 10 years from the date of Incorporation and not the first 10 years from the registration as Start up under DPIIT
Q: Can a company formed by splitting up, or the reconstruction, of a business already in existence can claim the deduction?
A: No, the company has to be newly incorporated and not formed by splitting up, or the reconstruction, of a business already in existence
Q: Can an entity using old plant & machinery avail the benefit?
A: 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.
Q: Can deduction u/s 80IAC be availed if the entity is formed by plant and machinery already used outside India?
A: Startups can avail 80IAC exemption if formed by the transfer of machinery, previously being used outside India, but not by the concerned startup. Moreover, prior to its installation outside India, it must have never been in use in India, imported into India and no deduction on its depreciation has ever been allowed in India.
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