Union Finance Minister Nirmala Sitharaman in the Interim Budget of 2024-2025 proposed to extend Tax benefits and exemptions to start-ups and investment made by sovereign wealth funds/pension funds and International Financial Service Center ( IFSC ) units to 31.03.2025.
In the budget She says that “certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as also tax exemption on certain income of some IFSC units are expiring on 31.03.2024. To provide continuity in taxation, I propose to extend the date to 31.03.2025.”
As a result of the government’s active implementation of initiatives to support the nation’s startup ecosystem, 1.17 lakh startups have received official recognition to date. Through the Action Plan for Startup India, these qualified startups can take advantage of tax incentives, including perks related to income tax.
Also read :Income Tax Benefit: Budget 2024 Extends Date of Startup LLP/Company Incorporation for S. 80IAC Exemption by One More Year
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