Out of these, only 12 are eligible for consideration by the inter-ministerial board for tax benefits, Startup India tweeted. As many as 571 budding entrepreneurs have filed applications as on June 24 with the Department of Industrial Policy and Promotion (DIPP) for recognition as innovative startups to avail tax breaks and other benefits. Seven have submitted all documents and are eligible for Startup India benefits and tax exemption and 106 have submitted all documents but are not eligible for tax exemptions, it said. Commerce and Industry Minister Nirmala Sitharaman has asked the finance ministry to consider raising tax holiday for startups to seven years to encourage entrepreneurs. “Remaining applicants will receive hand holding support from Startup India Hub,” it added.

Source: The Hindu July 02, 2016 18:56 UTC