Startup Tax Exemption U/s 80IAC
Online DPIIT Application Filing
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Under the Startup India Scheme of the govt of India, start-ups may apply for tax exemption for three years within ten years of their establishment. We assist the start-up in obtaining tax exemption u/s 80IAC.
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Tax Exemption for Startup under Section 80IAC - Overview
Newly established and incorporated startups often face shortage of financial resources during their initial stages of operations. This further has a negative impact on their sales and profits. The situation further gets worsened when out of the minimal income they earn, a huge chunk is paid as taxes. Hardly, any profit is left behind for reinvestment.
The government, realising this struggle, has allowed several tax exemption for Startups. One among them is tax exemption under Section 80IAC of the Income Tax Act. Section 80IAC provides a 100% tax exemption for startups recognized by the DPIIT. The tax exemption can be availed for any three consecutive assessment years, as long as the Startup is eligible.
Key Features of Startup India Seed Fund:
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Eligibility to Apply for Startup India Seed Fund
GST Registration does not have a pan-India eligibility. It is only applicable to eligible businesses as per turnover limits prescribed under Section 22 of the Central GST Act, 2017. However, section 24 of the Act makes it mandatory for certain businesses to obtain GST registration irrespective of their turnover limits. Each of these businesses are listed below as per their eligibility criterias.
- Those dealing in merchandise with aggregate annual turnover exceeding Rs.40 Lakhs
- Those dealing in merchandise with aggregate annual turnover exceeding Rs.40 Lakhs
- Those dealing in merchandise with aggregate annual turnover exceeding Rs.40 Lakhs
- Those dealing in merchandise with aggregate annual turnover exceeding Rs.40 Lakhs
- Those dealing in merchandise with aggregate annual turnover exceeding Rs.40 Lakhs
Details & Documents Required Startup India Seed Fund Application
Startup India Seed Fund Application can only be filed after all the minimum requirements are met. These include incorporating the business, obtaining DPIIT Recognition, and having active contact information. Additionally, since the application is filed online, all necessary documents have to be uploaded with it in their digital formats. The table below provides a complete list of minimum requirements as well as documents to apply for Startup India Seed Fund.
| Minimum Requirements | Details & Documents |
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How to get Seed Funding for Startup in India?
GST Registration procedure in India is entirely online and can be completed quickly in a series of simple steps. Our team at Taxcurv has been trained in assisting clients throughout the GST Registration process. Our services begin with preparing and drafting all the documents required for GST registration and extend to filing the complete application. The steps below explain how we secure GST registration for our clients in a convenient and hassle-free manner.
Step-1: Documentation
The documents required for GST Registration are based on the type of entity and the nature of its business activity. It is extremely important that all the documents required for online GST registration are prepared beforehand. This helps avoid any hindrance in the application process later. A complete list of such documents is mentioned in the section above.
Step-2: Register on the GST Portal
GST registration for new business is an application-based process. The first part of the application seeks basic registration details. This includes type of entity, name of entity, PAN number, and the state / UT where the business operates. Providing these details enables successful registration on the GST Portal.
Step-3: OTP-based Verification
GST Registration in India is a PAN-based process. The applicant must provide his PAN details in the first part of the application. As mentioned earlier, the PAN must be linked to the applicant’s Aadhar, mobile number and email address for OTP verification.
Step-4: TRN Generation
As soon as the PAN is entered, an OTP is sent to the linked mobile number and email address. After furnishing the two OTPs successfully, a Temporary Reference Number or TRN is generated. You can use the TRN for completing the application form further. Note that the TRN will be valid for 15 days only, so the process must be completed within this time period.
Step-5: Complete the GST Application Form
Sign in to the GST portal using the TRN and access the GST REG-01 application form. Complete the form by filling in the requisite details and uploading the requisite documents. This includes information about the business, promoters/partners, location of the business, products/services, and authorised individuals. Upon completing the form, verify it using the authorised signatory’s DSC or EVC.
Step-6: Issuance of GSTIN
Upon submission of all the details and documents, the application is processed in approximately 10 to 15 days. After successful verification of the form, the department allots a unique GSTIN to the applicant business. This GSTIN can further be used to check GST registration status and fulfil all GST-related compliances.
Benefits of Startup India Seed Fund Scheme
The time required to incorporate a company depends on several factors such as documentation, availability of desired company name, and the number of promoters. With over two decades of experience, the Incorporation team at Taxcurv is well-equipped to streamline the process, ensuring a swift and efficient company registration in India.
Documentation and DSC
Document and information collection & Making of Digital Signature
Documentation and DSC
Document and information collection & Making of Digital Signature
Documentation and DSC
Document and information collection & Making of Digital Signature
Documentation and DSC
Document and information collection & Making of Digital Signature
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- Business Tax Consulting
- Tax Preparation and Planning
- Tax Payroll Services
- Bookkeeping and Virtual CFO
- Accounting Virtual Controller
Premium
- IRS Tax Problems
- Business Tax Consulting
- Tax Preparation and Planning
- Tax Payroll Services
- Bookkeeping and Virtual CFO
- Accounting Virtual Controller