Dear Experts
As per Budget New Startup Company is Exempt from Tax for 3 years.My query is it is applicable for all new start up companies like Proprietorship, Partnership and Private Limited. and it is applicable to any particular nature of business or any kind of business. If it is applicable to above all Companies and nature of business,we need to take any certificate or confirmation letter from any department.
Please guide me.
New Policy Extends Tax Holiday for Startups to 7 Years, Eases Voting Rights Rule for Loss Carry Forward A query was raised regarding tax exemptions for new startups in India, specifically if it applies to all business types like proprietorships, partnerships, and private limited companies, and whether a certificate is needed. The response clarified that eligible startups can now use their three-year tax holiday within a seven-year period, instead of five. This change aims to help startups that struggle to profit in initial years. The requirement for maintaining 51% voting rights for loss carry forward has been relaxed. Of 1,425 applications, 111 were considered for tax benefits, with eight approved. Other benefits include compliance exemptions and assistance with IPR applications. (AI Summary)
TaxTMI 
TaxTMI 
