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”.

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