TaxTMI 
TaxTMI 
Notify the "Definition of Startup and procedure for recognition"
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....s announced 'Startup India' initiative for creating a conducive environment for startups in India. The various Ministries of the Government of India have initiated a number of activities for the purpose. To bring uniformity in the identified enterprises, an entity shall be considered as a 'startup'- a) Up to five years from the date of its incorporation/registration, b) If its turnover for any....
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....Explanation: 1. An entity shall cease to be a startup on completion of five years from the date of its incorporation/registration or if its turnover for any previous year exceeds Rupees 25 crore. 2. Entity means a private limited company (as defined in the Companies Act, 2013), or a registered partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability pa....
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.... for customers or workflow would not be covered under this definition. 5. The process of recognition as a 'startup' shall be through mobile app/portal of the Department of Industrial Policy and Promotion. Startups will be required to submit a simple application with any of following documents: a) a recommendation (with regard to innovative nature of business), in a format specified by Departme....
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.... may include any such fund in a negative list for such reasons as it may deem fit; or e) a letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation; or f) a patent filed and published in the Journal by the Indian Patent Office in areas affiliated with the nature of business being promoted. Department of Industrial Policy and Promot....