Small startups with turnover up to Rs 25 cr to get promised tax holiday: CBDT

Source: ETRetail.com, Aug 23, 2019

New Delhi: Seeking to allay concerns on tax holiday for startups, the tax department on Thursday said only small startups with a turnover of up to Rs 25 crore will get tax holiday on fulfilling certain conditions.

It did not recognise the Rs 100-crore turnover definition of a small startup put up by the Department for Promotion of Industry and Internal Trade (DPIIT).

“Since the intention was to support the small startup, the turnover limit of Rs 25 crore was considered reasonable for granting profit linking deduction,” the Central Board of Direct Taxes (CBDT) said in a statement. Read the rest of this entry »

How start-ups are making the cut in India’s $30-b meat mart

Source: The Hindu Business Line, Aug 15, 2019

Do you love your meat but dislike going to the butcher and looking at all that blood or listening to the terrified cries of caged animals? Well, a few start-ups are aiming to ease your mind and your conscience as you bite into that juicy chicken breast or sink your teeth into that cholesterol-packed leg of lamb.

Customers, especially youngsters, are warming up to these start-ups, and PE and VC funds are licking their lips at the prospects of this $30-billion, largely unorganised market. Read the rest of this entry »

Income Tax dept relaxes assessment and scrutiny norms for start-ups

Source: Business Standard, Aug 09, 2019

New Delhi / Bengaluru: The income tax (I-T) department has relaxed its assessment and scrutiny norms for start-ups.

In a circular it directed its officers not to raise additional tax demands for start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT).

This will be done in cases where scrutiny is limited to Section 56 (2) (viib) of the Income Tax Act, or what is called in popular parlance angel tax.

Angel tax refers to income tax payable on capital raised by unlisted firms by issuing shares where the share price is considered more than the fair market value. Read the rest of this entry »

254 startups get Rs 1,700 crore investment from AFI

Source: ETRetail.com, Jul 24, 2019

NEW DELHI: As many as 254 startups have received investment to the tune of over Rs 1,700 crore from the SEBI-registered Alternative Investment Funds (AIF) and the central government has also set up a Fund of Funds for Startups (FFS) with corpus of Rs 10,000 crore, Commerce Minister Piyush Goyal said on Wednesday.

Goyal said in Lok Sabha that the FFS with corpus of Rs 10,000 crore will meet the funding needs of startups. He said the Department for Promotion of Industry and Internal Trade is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS. Read the rest of this entry »

Tencent bets big on Indian tech startups amid China slowdown

Source: LiveMint.com, Jul 24, 2019

MUMBAI: Chinese internet giant Tencent Holdings, best known for its WeChat messenger app, is looking to increase its bets on Indian technology companies, at a time when its home market is seeing a slowdown in venture capital investments.

Tencent, which counts some of India’s largest startups including Flipkart, Ola, Swiggy and Byju’s Classes among its portfolio firms, made four fresh investments last year. In 2019, it has made one fresh investment in digital banking services provider Niyo. It is also in talks to invest in video streaming service MX Player, regional language content startup ShareChat and online insurance marketplace Policybazaar, and payments app PhonePe, according to multiple media reports. Read the rest of this entry »

Two Indian start-ups bag honours at global manufacturing summit in Russia

Source: The Hindu Business Line, Jul 11, 2019

Russia: Two Indian start-ups have won the Mohammed Bin Rashid Initiative for Global Prosperity award at the second edition of Global Manufacturing and Industrialisation Summit (GMIS) being held in the Russian city of Yekaterinburg.

GARV Toilets (providers of smart sanitation services that deploy Internet of Things) won in the ‘Sustainable Cities’ category, while A2P Energy Solutions (which seeks to prevent stubble burning by converting agricultural waste into energy) bagged the honours in the ‘Sustainable Energy’ category. Read the rest of this entry »

Samsung plans 100 investments in Indian start-ups in next five years

Source: Business Standard, Jul 11, 2019

Bengaluru: Samsung, the world’s biggest producer of smartphone screens, semiconductors, and mobile phones, is planning to make 100 investments in Indian start-ups over the next three to five years, through its venture capital (VC) arm.

It is scouting in ‘deep technology’ areas such as artificial intelligence (AI), natural language processing, the Internet of Things (IoT), blockchain, augmented reality and virtual reality, and data security. And, services technologies, in areas such as health care, insurance, vernacular content, and mobility solutions. Read the rest of this entry »