ENA Sectors 2025-05-16 16:09:34 <p><span style="font-size:14px"><strong>New Delhi, May 16 (KNN)</strong> The Department for Promotion of Industry and Internal Trade (DPIIT) has approved income tax exemptions for 187 startups under the revamped Section 80-IAC of the Income Tax Act, marking a significant development for India's entrepreneurial landscape. </span></p> <p><span style="font-size:14px">The decision was finalised during the 80th meeting of the Inter-Ministerial Board (IMB) held on April 30, 2025.</span></p> <p><span style="font-size:14px">The tax benefit provides eligible startups with a complete income tax deduction on profits for any three consecutive years within a ten-year period from their incorporation date. </span></p> <p><span style="font-size:14px">This initiative aims to bolster emerging businesses during their critical formative years, fostering innovation, employment opportunities, and economic growth.</span></p> <p><span style="font-size:14px">The approvals were granted in two recent IMB meetings, with 75 startups cleared during the 79th session and 112 during the 80th. This brings the total number of startups receiving exemptions since the program began to more than 3,700, according to DPIIT sources.</span></p> <p><span style="font-size:14px">A key announcement in the Union Budget 2025-26 extended the eligibility window for startups to claim benefits under Section 80-IAC. </span></p> <p><span style="font-size:14px">Ventures incorporated before April 1, 2030, can now apply for these exemptions, providing additional time for new businesses to access this financial support.</span></p> <p><span style="font-size:14px">The DPIIT has implemented a revised evaluation framework that has streamlined the application process, making it more structured and transparent. </span></p> <p><span style="font-size:14px">Complete applications are now reviewed within 120 days, expediting decision-making and reducing bureaucratic delays.</span></p> <p><span style="font-size:14px">Startups whose applications were not approved in this round have been advised to reassess and refine their submissions. The DPIIT recommends applicants focus on clearly demonstrating technological innovation, market potential, scalability, and their contribution to employment and economic growth.</span></p> <p><span style="font-size:14px">This continued governmental support underscores a commitment to nurturing a robust, innovation-driven startup ecosystem aligned with the vision of a self-reliant India. </span></p> <p><span style="font-size:14px">Additional information regarding the tax exemption process, eligibility requirements, and application procedures is available on the official Startup India portal.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 42109 https://knnindia.co.in/news/newsdetails/sectors/india-approves-tax-exemptions-for-187-startups-under-revamped-policy 2025-05-16 16:09:34 knnindia.co.in