Startup tax deduction: eligibility window and turnover test revised to broaden qualifying start-ups and activities. Amendment extends the incorporation window for deduction under section 80-IAC to start-ups incorporated on or after 1st April, 2016 but before 1st April, 2021, and reframes the turnover condition to apply across the seven previous years beginning from the year of incorporation. The definition of 'eligible business' is revised to include start-ups engaged in innovation, development or improvement of products, processes or services, or scalable business models with high potential for employment generation or wealth creation. The amendments apply from 1st April, 2018 and affect assessment year 2018-2019 and onward.
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Startup tax deduction: eligibility window and turnover test revised to broaden qualifying start-ups and activities.
Amendment extends the incorporation window for deduction under section 80-IAC to start-ups incorporated on or after 1st April, 2016 but before 1st April, 2021, and reframes the turnover condition to apply across the seven previous years beginning from the year of incorporation. The definition of "eligible business" is revised to include start-ups engaged in innovation, development or improvement of products, processes or services, or scalable business models with high potential for employment generation or wealth creation. The amendments apply from 1st April, 2018 and affect assessment year 2018-2019 and onward.
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