Entrepreneurship Industry News

Start-up India: Income tax benefits for start-ups – just 10 out of 208 qualify

The government has received 2,405 applications for seeking recognition under the Startup India programme and out of this, 742 have been recognized as of March 15.

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Meanwhile, start-ups related to the biotech sector have urged the department industrial policy and promotion (DIPP) to tweak the definition of Indian businesses that can be classified as ‘startups’.

“Biotech companies had approached us. They said that their gestation period is a little longer at eight years and we should consider that. So, we have asked the department of biotechnology to go through their demands,” a senior government official said.

Meanwhile, Startup India Hub has mentored 267 start-ups for incubation, funding support, on business plans and pitching support and 154 applicants have received the benefit of 80% rebate in patent fees.

A Panel of facilitators and design applications applications has been constituted for assistance in filing Intellectual Property applications and to fast track the process of patent filing acquisition. The DIPP bears the facilitation cost on behalf of Start-ups and also provides rebate in the statutory fee for filing application.

FE had earlier reported that the government was planning to tweak certain provisions of the “fund of funds” — the Rs 10,000-crore corpus announced by Prime Minister Narendra Modi to help fund start-ups — to expedite the release of such assistance.

Read More: www.financialexpress.com