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Section 80 IAC of the Income Tax Act allows a startup to petition for tax exemption after receiving recognition. The startup can take use of a tax exemption for three consecutive financial years out of its first ten years of incorporation after receiving approval for tax exemption.
The monetary exclusion that lowers one’s taxable income is known as a tax exemption. Taxes can be completely eliminated, lowered, or applied only to a portion of your income. In other words, a tax exemption is not the lack of taxation in some situations, but rather a statutory exemption from the overall rule of taxation. Certain economic activity are given tax exemptions as a means of stimulating growth.
Yashvik helps with all the legal procedures and provides consultation for your unique needs. We offer a solution that’s specifically tailored to your company’s needs, and we back it up with a satisfaction guarantee.
