The critical authorities announced tax alleviation for startups as part of its efforts to boost the ecosystem within the united states. Accordingly, the turnover restriction and eligibility period for startups to say tax comfort were accelerated. Startups with turnover of up to Rs one hundred crore can now claim 100 percentage deduction on their earnings for computing tax legal responsibility for three consecutive years out of 10 years due to the fact that its incorporation, Finance Minister Nirmala Sitharaman stated in her Union Budget speech in Parliament. That’s subject to the condition that the startup’s turnover doesn’t exceed Rs 100 crore.
Authored by Nandini Tripathy, Symbiosis Law School, Hyderabad