Startup deduction extension: eligibility window broadened to include later incorporations, preserving full profit deduction for qualifying start-ups.

The amendment to the Income tax Act extends the incorporation window for claiming the startup profit deduction under section 80 IAC by substituting the later terminal date in the Explanation to clause (ii)(a), thereby enlarging the class of entities eligible to claim the specified deduction subject to the existing turnover ceiling and other conditions; the amendment takes effect from the first day of April, 2021.

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