Start-up deduction extension extends incorporation cutoff for eligibility and applies to subsequent assessment years under Income-tax law. Amendment to section 80-IAC substitutes the incorporation date threshold in the Explanation to clause (ii)(a), extending the latest permissible incorporation date for eligible start-ups and thereby widening the class of entities that may claim the one hundred per cent deduction of profits and gains for any three consecutive assessment years within the prescribed ten-year period, subject to the section's conditions and the assessee's option; the change takes effect from 1st April, 2023 and applies to the assessment year 2023-2024 onward.
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Start-up deduction extension extends incorporation cutoff for eligibility and applies to subsequent assessment years under Income-tax law.
Amendment to section 80-IAC substitutes the incorporation date threshold in the Explanation to clause (ii)(a), extending the latest permissible incorporation date for eligible start-ups and thereby widening the class of entities that may claim the one hundred per cent deduction of profits and gains for any three consecutive assessment years within the prescribed ten-year period, subject to the section's conditions and the assessee's option; the change takes effect from 1st April, 2023 and applies to the assessment year 2023-2024 onward.
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