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of <h1>Incubatee services exempt from service tax up to 50 lakh annually under Notifications 25/2012 and 32/2012.</h1> Services provided by an incubatee are exempt from service tax up to a turnover of fifty lakh rupees per financial year, effective from July 1, 2012, as per Notification No. 25/2012. This exemption applies if the previous year's turnover did not exceed fifty lakh rupees and if the incubatee is within three years of entering into an agreement with a Technology Business Incubator or Science and Technology Entrepreneurship Park recognized by the National Science and Technology Entrepreneurship Development Board. Additionally, services by BIRAC-approved biotechnology incubators to incubatees are also exempt as per Notification No. 32/2012.
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