Dear Sir/Madam,
We have made application for 80-IAC after obtaining DPIIT recognition as start up Pvt Ltd Company, now the application made for 80-IAC is as on 07/09/2021 and say it may get approved in October month of 20201.
my doubt is that, whether exemption shall be allowed from the beginning of the year in the year in which application is made i.e from 01/04/2020 to 31/03/2021? or from the date of filing the application i.e 07/09/2021 to 31/03/2021 or from the date of approval to 31/03/2021? please give your valuable opinion on this.
Thank you in advance.
Startup Seeks Clarity on Effective Date for Section 80-IAC Income Tax Exemption: Application, Approval, or Fiscal Year Start? A private limited company, recognized as a startup by DPIIT, inquired about the effective date for claiming exemption under Section 80-IAC of the Income Tax Act, 1961. The application for this exemption was filed on September 7, 2021, and approval is anticipated in October 2021. The company seeks clarification on whether the exemption applies from the start of the fiscal year (April 1, 2020), from the application date (September 7, 2021), or from the approval date until March 31, 2021. They are requesting guidance on this matter. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
