As a Chartered Accountant, I’m here to bring you up to speed on the latest income tax laws for startups in India:

1. Tax Holiday Scheme (Section 80IAC):

• Startups incorporated between April 1, 2016, and March 31, 2023 (recently extended) are eligible.
• Claim a 100% tax exemption on profits for 3 out of the first 10 years of incorporation.
• Turnover must be under Rs. 25 crore in any financial year to qualify.

2. Long-Term Capital Gains Exemption (Section 54GB):

• Individuals or HUFs selling a residential property can invest the gains in eligible startups and get an exemption.
• Invest in at least 50% of shares of the startup.
• Hold the shares for 5 years from purchase to maintain the exemption.
• The startup must use the invested amount for purchasing assets and hold them for 5 years.

Important Note: These are some of the key benefits, but tax laws can get intricate. Here’s what I recommend for your startup:

• Startup Recognition: Apply for recognition under the Startup India initiative to avail benefits like 80IAC.
• Detailed Consultation: Schedule a consultation to discuss your specific situation and explore all applicable tax exemptions and deductions.
• Stay Updated: Tax regulations can change, so staying informed is crucial. Keep an eye on government websites like Startup India (https://www.startupindia.gov.in/) for updates.