Start up for (income tax) benefits

Start up Registration An entity in order to be recognised as a Start-up ( i.e. to become eligible for benefits of schemes of Start up initiative of Government) , shall make an online application over the mobile app or portal ( https://www.startupindia.gov.in/content/sih/en/startupgov/startup_recogni...

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Bibliographic Details
Published inTax India Online
Main Authors CA Lukose Joseph, JobGeorge, CA
Format Trade Publication Article
LanguageEnglish
Published Mumbai Athena Information Solutions Pvt. Ltd 27.02.2023
Subjects
Capital gains
Entrepreneurs
Income taxes
Registration
Startups
Technological change
India
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Summary:Start up Registration An entity in order to be recognised as a Start-up ( i.e. to become eligible for benefits of schemes of Start up initiative of Government) , shall make an online application over the mobile app or portal ( https://www.startupindia.gov.in/content/sih/en/startupgov/startup_recognition_page.html.) of DPIIT with prescribed supporting documents including a small write up about the proposed business/activities. Section 54GB Under Section 54GB - Capital gain on transfer of residential property will be exempted in case of Individual /HUF on long term capital gain from a residential property (a house or a plot of land), if the net consideration is used for subscribing the equity shares of an eligible start up subject to conditions mentioned there in. Conclusion Many start ups forget, ignore or overlook to take start up registration which is a must for claiming any benefit of Start ups and filing declarations in prescribed forms mentioned supra with DPIIT for benefits under Income Tax Act and lose the benefits provided to start ups.