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 »