Centre extends tax sops to startups

New Delhi: The Interim Budget has announced an extension of tax benefits to startups and some investments made by sovereign wealth funds.

It has also announced exemption for businesses housed in the International Financial Services Centre in GIFT City for another year till March 31, 2025.

Such extension of benefits has been done by several successive Union Budgets.

Startups eligible under the tax benefit schemes get a 100 per cent tax rebate on the profit made for a period of three years in a total time frame of 10 years of operations provided the overall annual turnover does not exceed Rs 25 crore in any financial year.

Union Finance Minister Nirmala Sitharaman also proposed a corpus of Rs 1 lakh crore to boost private investment in sunrise technologies. “This will mark a golden era for our tech-savvy youth,” she said, adding it would encourage programmes that combine the “power of our youth and technology”.

***********************************************************************

Readers

These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world.  We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.

For more information: pravasisamwad00@gmail.com