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of <h1>India Defines Startup Criteria: Private Entities Under 10 Years, Turnover < 100 Crore, Innovation Focus for Tax Benefits.</h1> The notification outlines the criteria for an entity to be recognized as a Startup in India, effective from February 19, 2019. An entity qualifies as a Startup if it is a private limited company, partnership firm, or limited liability partnership, not older than ten years, with a turnover not exceeding 100 crore rupees, and engaged in innovation or scalable business. Startups must apply for recognition through DPIIT, providing necessary documentation. The notification also details conditions for tax exemptions under the Income-tax Act, including restrictions on certain investments. Violations may lead to revocation of benefits. The notification is subject to review by March 31, 2021.
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