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Post getting recognition a Startup may apply for Angel Tax Exemption.
Eligibility Criteria for Tax Exemption under Section 56 & Section 80 IAC of the Income Tax Act:
An entity would cease to be a ‘startup’ upon expiry of:
a) 5 years from the date of its incorporation/ registration, OR
b) If its turnover for any of the financial years has exceeded INR 25 crore; OR
Startups would be required to intimate DIPP of any such cases within a period of 21 days.
Yes, an existing entity that meets the criteria as indicated in response to Question 1 can visit the Startup India Portal and Mobile App and get itself recognized for various benefits. The tax benefits proposed under the Finance Bill 2016 will be available from 01-04-2016.
The process of registration in such cases shall be real time and the certificate of recognition would be issued immediately upon successful submission of the application.
Yes, we assist with application. The grant of registration depends on the government approval. The registration is not guaranteed.
Our professional fees is Rs 5000 for application irrespective whether its approved or not.
No, a foreign subsidiary cannot registered under startup India scheme. But a company with foreign shareholders and directors can be registered under startup India scheme.
