In the action released by the government, a start-up is only eligible to get a rebate on tax if it is recognised as a “start-up” in this programme. The use of the term ‘eligible’ might reduce you to not think about it but mark our words, you will get tax exemption more than comfortably provided that your idea is innovative and focuses on the commercialization of goods and services. The eligibility criteria are made only to make sure that worthy start-ups get full advantages. The path of tax exemption is crystal clear. You have to get a recommendation letter of innovation of your business idea either from an incubator (government, private, post graduate college), investor (minimum 20% funding from the government, SEBI registered investors or incubators) or India Patent Office (patenting your idea). After one of these bodies passes your business plan as innovative, an expert government team from IMB (Inter-Ministerial Board) set up DIPP (Development of Industrial Planning and Promotion) will further give a final nod. Henceforth, you will become eligible to utilise your wealth obtained from the start-up for next three as you will be not liable to pay taxes to the government for such time period.
This step will figuratively build a strong start-up ecosystem in the country. Tax exemption will help new entrepreneurs to survive and prosper in the market. Start-Up India Consultants looks to optimise the ease of reaching to this point. To obtain a recommendation letter from any of the above-mentioned bodies, it requires a lot of presentations and write-ups of the business plan. Our qualified and experienced business and research analysts will make sure that you come up with the best possible pitching of your business. Getting an approval from IMB is not a difficult process either as the government itself is supporting innovative businesses. Joining hands with us will let you know how easy a government process has become now. Our team will take good care of your idea as we ourselves want that each and every idea reaches its deserved result.