more-inThe Centre is concerned about the minuscule number of start-ups becoming eligible for tax benefits under the Startup India programme, with just 39 start-ups qualifying for such concessions even 18 months after the flagship initiative was introduced by Prime Minister Narendra Modi. “Till March (2017), only around 10 start-ups were found eligible for tax benefits,” a senior government official told The Hindu. Norms relaxedThe passage of time is mitigating this problem with several firms becoming eligible, said the official, who did not wish to be named. The recent relaxation in norms that include doing away with the requirement of ‘letter of recommendation’ from an incubator/industry association for recognising a company as a start-up or for tax benefits will also help increase the number of start-ups that will qualify for tax benefits. The aim is to cross 100 by end September.

Source: The Hindu July 11, 2017 16:41 UTC