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Start-Up India Initiative

Start-Up India Initiative

Start-up India is a flagship initiative of the Government of India, intended to catalyse start-up culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Launched on 16th January, 2016, the Start-up India Initiative has rolled out several programs with the objective of supporting entrepreneurs, building a robust start-up ecosystem and transforming India into a country of job creators instead of job seekers. These programs are managed by a dedicated Start-up India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT).

DPIIT-Recognised Start-ups are eligible for the following benefits:

  • Intellectual Property Rights (IPR) benefits
  • Relaxation in public procurements norms
  • Self Certification under Labour and Environment laws
  • Fund of Funds for Start-ups (FFS)
  • Faster exit for Start-ups
  • Section 80 IAC: Income Tax exemption for 3 out of 7 years (On application to IMB)
  • Fast-tracking of Start-up patent applications: The patent application of Start-ups is fast-tracked for examination and disposal. The process is much faster for recognised Start-ups
  • The recognised Start-ups that are granted an Inter-Ministerial Board Certificate are exempted from income-tax for a period of 3 consecutive years out of 7 years since incorporation.
  • Start-ups incorporated on or after 1st April 2016 can apply for income tax exemption.
  • A DPIIT recognized Start-up is eligible for exemption from the provisions of section 56(2)(viib) of the Income Tax Act.
  • The Start-up has to file a duly signed declaration in Form 2 to DPIIT {as per notification G.S.R. 127 (E)} to claim the exemption from the provisions of Section 56(2)(viib) of the Income Tax Act

For more details please visit: www.startupindia.gov.in