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FM's gift: Startups get a tax breather
Mint Mumbai
|February 02, 2024
Tax break extension for startups and certain businesses comes as a lifeline, but new manufacturing companies feel left out
The interim budget has proposed a one-year extension of the timeline for startups, sovereign funds and certain businesses in Gujarat International Finance Tec-City (GIFT-City) to claim tax breaks. However, a similar extension has not been given to new manufacturing companies.
"Certain tax benefits to startups and investments made by sovereign wealth or pension funds, as also tax exemption on certain income of some IFSC units are expiring on 31 March 2024. To provide continuity in taxation, I propose to extend the date to 31 March, 2025," finance minister Nirmala Sitharaman said in her budget speech.
The government had made a provision for startups incorporated between 1 April 2016 and 31 March 2024 to avail of tax rebate on their entire profit for three consecutive years out of their first 10 years of operations, provided that their annual turnover does not exceed ₹100 crore. The eligibility to utilize this benefit has now been extended to startups incorporated before 31 March, 2025.
This story is from the February 02, 2024 edition of Mint Mumbai.
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