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of <h1>Finance Bill 2022 amends section 80-IAC, extending startup eligibility for tax deduction to April 1, 2023.</h1> Clause 22 of the Finance Bill, 2022 amends section 80-IAC of the Income-tax Act, which provides a 100% deduction on profits for eligible startups for three consecutive assessment years within ten years from incorporation. The amendment changes the eligibility period for incorporation from before April 1, 2022, to before April 1, 2023. To qualify, startups must have a turnover not exceeding 100 crore rupees and hold a certification from the Inter-Ministerial Board. This amendment is effective from April 1, 2022, and applies to the assessment year 2022-2023 and subsequent years.
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