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Startups News

‘With over 7,000 startups, Delhi NCR ahead of Bengaluru, Mumbai’

According to the ‘Turbocharging Delhi NCR startup Ecosystem’ report, Delhi NCR accounted for a 23 per cent share of startups in the country.

‘Swiggy Go’: New pick up and drop service launched in Bengaluru

Swiggy Go is an instant pick up and drop service to send packages anywhere in the city. Like Swiggy Stores, Swiggy Go will be part of the app, the company said in a statement.

Tax holiday only for startups with turnover up to Rs 25 crore: CBDT

As specified in Section 80-IAC of the Income Tax Act, 1961, these startups will receive deduction for “100 per cent of income” for three out of seven years from the year of its incorporation, the Board said in a statement.

Relief for startups: CBDT lays down procedure for pending angel tax cases

In a clarification, CBDT has laid out procedures that prevent assessing officers (AOs) from scrutinising angel capital raised by startups recognised by the DPIIT.

Angel tax breather: Startups, investors divided over clarity

Nirmala Sitharaman had said that startups and their investors filing requisite declarations and providing information in their returns will not be subjected to any kind of income tax scrutiny over the valuations of their share premiums.

Startup India: In 34 months, only 94 of 15,798 govt recognised ventures got tax exemptions

According to the latest available data, as of mid-January 2019, 4,648 complete applications were received for exemption under Section 80IAC of the Income Tax Act.

Government booster dose for startups: No tax on funds raised last 7 years

The Commerce and Industry Ministry issued a notification to simplify the process for startups to receive tax exemptions under an anti-evasion provision of the Act.

Commerce Ministry relaxes Angel Tax norms for startups

The move, which is to ensure availability of funds for startups, follows concerns regarding the taxation of angel investments in this sector. The Central Board of Direct Taxes will notify the changes separately.

New platform for startups in Chandigarh soon, proposal ready

The first-of-its-kind platform in North India aims to develop Chandigarh as a knowledge hub, and will provide a fertile ground for research and its implementation.

Startups: Govt eases process to seek tax exemption on angel fund investments

Notably, entities requesting tax exemptions still need to provide a justification for valuation of shares “along with supporting documents”.

Gujarat best in providing ecosystem for startups: DIPP ranking

In the ranking process, states have been identified as leaders across categories — startup policy, incubation hubs, seeding innovation, scaling innovation, regulatory change champions, procurement leaders, and communication champions.

DIPP to set up panel to look into tax issues faced by startups

CBDT has asked its field officials to refrain from coercive steps to recover the demands of completed assessment under I-T from startups.