FAQs on exemption u/s 80IAC of Income Tax Act

Q: What is Section 80IAC of the Income Tax Act?

A: Section 80IAC of the Income Tax Act, 1961, provides tax benefits to eligible start-up entities registered on DPIIT.

Q: Who is eligible to claim benefits under Section 80IAC?.....

Step to register and avail the deduction us 80IAC

1. Determine eligibility: Ensure that your start-up meets the eligibility criteria specified under Section 80IAC. This includes being an eligible start-up as defined by the Department of Industrial Policy and Promotion (DIPP) and engaged in an eligible business.
2. Prepare necessary documents: Gather the required documents to support your registration application...

Tax Exemption u/s 80IAC of Income Tax Act to Startup in India

The following entities can claim the profit earned in a previous year as exemption u/s 80IAC:

• The entity must be a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership
• The entity must be formed between 1^st April 2016 and 31^st March 2023......

Can a Designated partner be appointed without having made any investment in the LLP in form of 'Contribution'?

Introduction 

Limited Liability Partnerships (LLPs) have gained popularity as a flexible business structure that combines the benefits of both a partnership and a company. LLPs require the appointment of designated partners who are responsible for managing the affairs of the LLP. One question that often arises is whether a designated partner can be appointed without making any contribution in the form of capital or assets to the LLP. In this blog post, we will explore this topic and shed light on the legal provisions and practical implications related....

A Step-by-Step Guide to Issuing ESOPs for Startups in India under the Companies Act, 2013

Introduction 

In the competitive landscape of startups, attracting and retaining talented employees is crucial for long-term success. One effective way to achieve this is by implementing an Employee Stock Ownership Plan (ESOP). ESOPs provide employees with an opportunity to become shareholders, aligning their interests with the company's growth. In this blog post, we will provide a detailed step....

Demystifying ESOPs: Employee Stock Ownership Plans Explained in Layman's Terms

Introduction 

In today's dynamic work environment, companies are constantly looking for ways to motivate and retain their employees. One effective tool that companies use is an Employee Stock Ownership Plan (ESOP). In this blog post, we will explain ESOPs in simple language, specifically focusing on ESOPs in the contex....

If a company does not have MSME registration gain it still file for receiving its outstanding under the MSME act?

Introduction 

The Micro, Small, and Medium Enterprises (MSME) sector plays a vital role in the economic growth and development of a country. In India, the MSME sector is governed by the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006. One significant provision of this act is th....

What happens when both or all the directors of the company resign from the board of directors of the company?

Section 168 of the Companies Act, 2013 deals with resignation of Directors. When, by operation of law, the office of a director is vacated....

Statutory Registers under the Companies Act, 2013

Introduction:

The Companies Act, 2013 mandates the maintenance of various registers by companies to ensure compliance with legal requirements. These registers play a crucial role in documenting and recording essential information related to the company's shareholders, directors, key managerial personnel, charges, contracts, and other significant transactions......

Recognition Guidelines for Startups:

1. Merger/Demerger/Acquisition/Amalgamation/Absorption: The resultant entity or entities formed due to such activities will not be eligible for recognition as a Startup. However, mergers or amalgamations under.......