Registration Process
- Register on the Startup India portal. …
- Post registration, apply for DPIIT (Department for Industrial Policy and Promotion) recognition. …
- Access the Section 80 IAC exemption application form here.
- Fill in all details with the below mentioned documents uploaded and submit the application form.
Age: Individuals applying for this scheme must be over the age of 18 years.
Company type: To apply under this scheme, a company should be a partnership or a private limited firm.
Annual turnover: To be eligible under this scheme, a company should not have a yearly turnover of more than Rs. 25 crore.
Startup India will provide your company with an 80% rebate to file patents. In case of filing for trademark certification, you will receive a 50% rebate, decreasing the cost from Rs 10,000 to Rs 5,000. Your application process will be fast tracked and processed within 72 hours.
Startup India: 80 IAC Tax exemption:
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 tax holiday for 3 consecutive financial years out of its first ten years since incorporation.
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 tax holiday for 3 consecutive financial years out of its first ten years since incorporation.
A proprietorship or a public limited company is not eligible as startup. A one person company, being a private limited company is entitled to be recognized as a ‘startup’.
In the case of a small business run by two or more persons, partnership firm registration is the most suitable. LLPs and Private limited registered entities have a far more complicated setup and reporting requirements. They are suitable for medium and large-sized businesses.