Budget 2017 - 18 : Extending the period for claiming deduction by start-ups - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Saturday, February 04, 2017

Budget 2017 - 18 : Extending the period for claiming deduction by start-ups


Budget 2017 - 18 : Extending the period for claiming deduction by start-ups


The existing provisions of section 80-IAC, inter alia, provide that an eligible start-up shall be allowed a deduction of an amount equal to one hundred per cent of the profits and gains derived from eligible business for three (3) consecutive assessment years out of five years beginning from the year in which such eligible start-up is incorporated. 

In view the fact that start-ups may take time to derive profit out of their business, it is proposed to provide that deduction under section 80-IAC can be claimed by an eligible start-up for any three consecutive assessment years out of seven (7) years beginning from the year in which such eligible start-up is incorporated. 

This amendment will take effect from 1st April, 2018 and will accordingly, apply in relation to assessment year 2018-19 and subsequent years. [Clause 36]
Budget 2017 - 18 : Extending the period for claiming deduction by start-ups Reviewed by S. Chitra on February 04, 2017 Rating: 5 Budget 2017 - 18 : Extending the period for claiming deduction by start-ups The existing provisions of section 80-IAC, inter alia, p...

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