<h1>India Eases Tax Exemption Rules for Start-ups; Expands Eligibility to 10-Year-Old Entities u/s 56 (2) (viib.</h1> The Union Minister of Commerce has approved a proposal to simplify tax exemptions for start-ups under Section 56 (2) (viib) of the Income Tax Act. The Department for Promotion of Industry and Internal Trade (DPIIT) will issue a notification expanding the definition of start-ups to include entities up to ten years old with a turnover not exceeding Rs. 100 crore. Eligible start-ups can receive tax exemptions on share considerations up to Rs. 25 crore, excluding investments from non-residents and certain funds. The move aims to address concerns over angel investments and enhance capital availability for start-ups. Start-ups must file a declaration with DPIIT to avail these exemptions.