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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
