Government approves tax exemption to 187 startups to promote development

New -Delhi, May 15 (IANS). The Department of Industries and Internal Trade Products (DPIIT), which promotes India’s boot ecosystem, approved 187 new enterprises for exemption from income tax under the amended section 80-iac of the Income Tax Act. This information was given in an official statement released on Thursday. According to a DPIIT spokesman, the qualifying boot under tax profits leaves a 100 percent income tax deduction on profits for three consecutive years within a ten -year period from the date of wrong. The scheme is designed to support emerging businesses in their early years, promote innovation, encourage employment generation and money creation. 75 of the total sanctions were approved during the 79th Inter -Menistory Board (IMB) meeting and 112 at the 80th meeting held on April 30. In addition, more than 3,700 startups have been released from the beginning of the scheme so far. In an important announcement during the Union budget 2025-26, the government extended the suitability period for startups to claim profit under section 80-IAC. The startups included before April 1, 2030 are now eligible to apply for exemption, which will give more time and opportunity for new businesses to take advantage of this financial relief. The revised evaluation framework, especially by DPIIT, made the application process more structured and transparent. Now complete applications are reviewed within 120 days, increasing the decision making. Startups not approved in the latest round have been encouraged to re -evaluate their applications. The DPIIT advised applicants to focus on displaying clear contributions in technological innovation, market ability, measurement and employment and economic development. The spokesman said: “The government’s continuous support underlines its dedication to promoting a strong, future startup environment, which is confident and innovation in accordance with the approach of LED New India.” The spokesman said more information about the tax exemption process, suitability criteria and application details are available on the official Portal of the Startup India. -Ians skt/abm