So, you are the founder of some brilliant idea startup. Well done! But let’s get to the nitty-gritty-the financial issues seem to be a real mess, especially when it comes to taxes. That is where StartupFlora can help. It demystifies Section 80 IAC – the powerful tax exemption tool available for Indian startups. Has your startup already unlocked these benefits? Find out.
Why Tax Exemption Matters (Big Time!).
Consider your startup as a plant. It needs resources, sunlight, water, and nutrients to grow. Funds would be the resources for a business. A tax exemption is like a super-fertilizer, letting you keep more of your earnings to reinvest in your growth. It’s a huge tax benefit! This is a game-changer for the startup tax exemption.
Reading 80 IAC: The Road to Your Tax Free Business
Section 80 IAC is a Government initiative to provide fuel for startup India ecosystem. Your three out of first ten years would be tax-exempt from taxation in India on your business as it saves an enormous benefit wherein you would enjoy the flexibility for innovation and expansions. That is the biggest advantage a tax-free benefit when it comes to startup India!.
Eligibility Criteria for 80 IAC Advantage: Are You In?
So, how do you know that whether your startup is eligible or not? Here’s the basic checklist:
- DPIIT Recognition: You are required to be recognized as a startup by DPIIT. This includes the process of getting registered as a startup and receiving the startup india certificate.
- Company Structure: You must be a Private Limited Company or an LLP.
- Innovation Focus: Is innovation the core focus of your startup? Or, is it new products or services or new business models? Of course, it is innovation!
- New Venture: This tax exemption is granted only to new ventures and not for the aged Business units.
- Registration Date: Registration of Your Startup after 1st April 2016
How to guide through 80 IAC application
This is the first step toward the registration of your startup. It includes startup registration along with the procurement of the startup certificate. Nowadays, you can even get online startup registration through startup India registration online. Don’t forget to pay the startup India registration fee. It would be an essential document for your startup India registration certificate.
- Registration under DPIIT: You would now have to get registered under DPIIT. It is absolutely a must-have to get the DPIIT startup registration and unlock benefits of startup India.
- 80 IAC Application: After you get your startup India certificate and get registered under DPIIT, then you can apply for 80 IAC recognition. Share your work on innovation and share your business plan.
- Congratulations-you are tax free: The tax exemption certificate will be issued shortly. You are on the right road to starting up your Indian business-tax free.
Why 80 IAC
This is all that you need from a game-changer with respect to benefits from tax exemption:
- Liquidity freedom: Your money in savings because of taxes might now be devoted to growth, talent acquisition, or expansion of operations.
- Investor Attraction: With so many tax benefits given by the Indian government towards the startups, the investors tend to attract them. And this, in actual fact, goes down as the marking of government support for those startups. And that’s really a huge Startup India advantage.
StartupFlora: Rapid development with more abundance
A process, such as registration of a startup in India, can be riddled with great complexities, especially relating to understanding the benefits included under the scheme of registering under the startup India scheme and securing any tax benefits arising from the Startup India. StartupFlora makes everything easy for you. Let us guide you through the procedure of startup registration, DPIIT registration, or getting your tax exemption certificate. We will help you register your startup and make you understand the process of startup registration so that you get your startup registration certificate. We can further assist you with the registration process of your startup company.
Beyond 80 IAC: Understanding the Startup India Scenario
Tax exemption under Section 80 IAC is just one small piece of the jigsaw puzzle. There are various other benefits of a startup india.
Do you want to begin your success story? This is a journey called business. Let StartupFlora be your trusted guide for you. Contact us today and let us turn your startup vision into a real one. We can make you understand everything, including from the very first step of how to register a startup to how to maximize your Startup India benefits, that is, your Startup India registration certificate.