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Income Tax Benefits For Startups In India: The Modi government at the Center (Modi Govt) has presented the last full budget (Budget 2023-24) of its second term in the Parliament. Finance Minister Nirmala Sitharaman has made many big announcements while presenting this budget. The government said, India has become the third largest startup ecosystem in the world. Also making a big announcement that the Income Tax Exemption for Startups has been extended till March 2024.
Know what is the new update…
Tax exemption extended till March 2024
Finance Minister Nirmala Sitharaman said that today India has the third largest startup ecosystem in the world. Income tax exemption of startups has been extended till March 2024. Startups could carry forward their losses for 7 years. Now he can be taken for 10 years. That is, those people who do their business are very much interested in income tax. The Finance Minister has made income up to Rs 7 lakh tax free. The Finance Minister said that the government is taking this decision to relieve losses for startups. Now it is proposed to extend the date of incorporation for income tax benefits for startups from March 31, 2023 to March 31, 2024.
Sugarcane farmers will get payment
The minister said that sugar cooperatives can claim the payment made to sugarcane farmers prior to 2016-17 as expenses. Also, new cooperative societies starting manufacturing activity by March 2024 will also attract a lower tax rate of 15 percent. In the budget speech, he said that to promote domestic manufacturing, the government has proposed to reduce the basic customs duty on seeds used in the manufacture of lab-grown diamonds. He said that the government will provide a higher limit of Rs 2 lakh per member for cash deposits and loans by primary agricultural credit societies.
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