FM Nirmala Sitharaman proposed extending the startup tax holiday scheme to startups till March 31, 2023

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At the Union Budget 2022, finance minister Nirmala Sitharaman proposed an extension of the Startup tax holiday scheme to new startups incorporated till 31st March 2023, in addition to the startups that had already been eligible for the tax exemption. Currently, the tax holiday benefits were available for startups incorporated before March 2022.

Last year, the Finance minister announced a similar one-year extension of the tax holiday scheme for startups.

As per the scheme, Post getting recognition a Startup may apply for Tax exemption under section 80 IAC of the Income Tax Act. Post getting clearance for Tax exemption, the Startup can avail of tax holiday for 3 consecutive financial years out of its first ten years since incorporation.

 



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