Starting a business in India comes with its challenges, but getting recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Startup India initiative can unlock numerous benefits for your startup.
Why Get DPIIT Recognition?
- Tax Exemptions: Eligible startups can avail tax holidays under Section 80 IAC and exemptions under Section 56 of the Income Tax Act, saving significant costs.
- Simplified Compliance: Enjoy easier compliance norms, making it less cumbersome to run your business.
- Access to Government Schemes: Gain access to various government schemes and subsidies that can support your startup’s growth.
- Investor Attraction: Being a recognized startup adds credibility, making it easier to attract investors.
Eligibility Criteria:
- Incorporated as a private limited company, partnership firm, or LLP.
- Turnover less than INR 100 crores in any previous financial year.
- Up to 10 years from the date of incorporation.
- Working towards innovation or improvement of products, services, or processes with the potential to generate employment or create wealth.
Post Recognition:
- Apply for Tax Exemptions: Utilize your DPIIT recognition to apply for tax exemptions under Section 80 IAC and Section 56.
- Leverage Benefits: Start accessing the benefits and support offered to recognized startups.
