Tax Exemption for Startup under Section 80IAC - Overview
Key Features of 80IAC Tax Exemption:
80IAC Tax Exemption Eligibility Criteria
Checklist & Documents
|Minimum Requirements||List of Documents|
Section 80IAC Registration Process for Startups
Step-2: Login to the Startup India Portal
Step-3: Fill out the Application form
Step-4: Upload all necessary attachments
Step-5: Enter the details of the authorised signatory
Step-6: Submit the Application
Step-7: Get 80IAC Tax Exemption Certificate
Tax Benefits for Startups Under Section 80IAC
Frequently Asked Questions
Is 80 IAC tax exemptions for small businesses applicable under Income Tax Act?
1. Which authority approves the 80IAC tax exemption for Startups?
2. For what duration can Startup tax exemption under Section 80IAC be availed?
3. Which business entities are eligible to claim tax exemption under 80IAC?
4. Can a foreign businesses apply for 80IAC exemption?
5. How many days does it take for 80IAC application to get approved?
6. What is the government fee for 80IAC exemption application?
7. Can my startup avail 80IAC exemption if it uses machinery previously used outside India?
8. Can reconstructed businesses claim 80IAC exemption?
Reconstructed businesses cannot claim 80IAC exemption, unless they fall under section 33B of the Income Tax Act. This section allows a reconstructed industrial undertaking to claim 80IAC Tax exemption, if it was discontinued because of
- Damage or destruction caused by natural calamities
- Damage caused by riots / civil disturbances
- Damage caused by accidental fire / explosion
- Damage caused by or an act of the enemy