Startup Registration Scheme in India at Rs.4,999
Startup India, initiated by the Government of India is a flagship initiative launched in January 2016 on the Startup portal
This initiative is taken by government with a view to develop growth of economy by promotions of startups ,bringing new innovation or improvement of existing projects ,which will ultimately help in employment generation and wealth creation.
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DPIIT Certificate of Recognition for Startups in India
To access tax benefits and easier compliance, companies have to be recognized as Startups by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Startup India initiative.
The DPIIT Certificate of Recognition for Startups will be issued after examination of the application and documents submitted. Once the ministry approves the application and provides the unique startup recognition number, after that the startup can be registered with tax benefits.
Eligibility criteria for DPIIT Recognition Certificate in India
The Period of existence and operations of the company should not exceed 10 years from the date of incorporation
The DPIIT Certificate of Recognition is provided for the company which is incorporated as :
✽ Private Limited Company (https://www.bizbyease.com/private-limited-company-registration-in-india/) or
✽ Limited Liability Partnership (LLP) ( https://www.bizbyease.com/llp-limited-liability-partnership-firm-registration-in-india/) or
✽ Registered Partnership Firm (https://www.bizbyease.com/partnership-firm-registration-in-india/)
The annual turnover of the company shall not exceed Rs.100 crore for any of the years since its incorporation.
The company should not have been incorporated by splitting up or recreating an already existing entity.it should be an original entity.
The entity should be working towards development of innovative or improvement of a product, process or service.
The entity should have a scalable business model with high potential for the creation of wealth and employment.
DPIIT Recognized certificate
After submitting of all required documents and information, the ministry of DPIIT issued certificate within 10-15 days.
It can also reject the application, if found serving no purpose. The company gets 3 chances to apply for it, after a time span of 15 days from last rejection.
Exemption under section 80 IAC for tax benefits
⭐ Brief – The Startup can avail tax exemption for 3 consecutive financial years out of its first ten years since incorporation.
⭐ Eligibility –
✦ The entity should be a recognized Startup.
✦ Only Private limited or a Limited Liability Partnership is eligible for Tax exemption under Section 80IAC.
✦ The Startup should have been incorporated after 1st April, 2016.
⭐ Documents –
✦ Memorandum of association or LLP Deed
✦ Board Resolution (if any)
✦ Annual Accounts & Income Tax returns of the startup for the last three financial years (The Balance Sheet and the Profit and Loss Statement must be CA Certified and if your startup was incorporated on 1st April 2018 or later, Income Tax Returns (ITR) is not mandatory.)
✦ Startup Video Link– Maximum of 2 minutes ,giving a brief about working & concept of your project
✦ Pitch deck – Maximum 5 slides Brief about how your startup is innovative and/or scalable.
⭐ Form – The Form to be filed is Form 80IAC.
⭐ Time period – The time period depends upon meeting of Inter ministerial Board who review the project and then order ( Minimum 3-4 Months).
Exemption under Sec 56(2)(viib) of Income Tax Act,1961
⭐ Brief – It provides tax exemption on difference in face value of share and the paid up value of share that is the premium.
⭐ Eligibility –
✦ The entity should be a recognized Startup by DPIIT.
✦ Aggregate amount of paid up share capital and share premium of the startup after issue or proposed issue of share, if any, does not exceed, twenty five crore rupees.
⭐ Form – File a declaration in Form 2.
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