Section 42 - Insertion of new section 80-IAC.

Deduction for eligible start-ups: full exemption of profits for a limited consecutive period, subject to incorporation and turnover conditions

An eligible start-up may claim a deduction equal to one hundred percent of profits and gains from an eligible business for three consecutive assessment years, selectable as any three consecutive years within five years from incorporation. Eligibility requires incorporation within the prescribed window, a turnover below the statutory limit in relevant years, holding a certificate of eligible business from the Inter-Ministerial Board of Certification, and compliance with restrictions on formation by splitting, reconstruction or transfer of previously used machinery, subject to specified exceptions; procedural provisions of section 80-IA apply.