The board shall validate startups for the Income Tax Exemption on profits under Section 80-IAC of the Income Tax Act:
A DIPP-recognised startup shall be eligible to apply to the Inter-Ministerial Board for a full deduction on the profits and gains from the business. Provided the following conditions are fulfilled:
- ଏକ ପ୍ରାଇଭେଟ ଲିମିଟେଡ଼ କମ୍ପାନୀ କିମ୍ବା ଏକ ସୀମିତ ଦାୟିତ୍ଵ ଭାଗୀଦାରୀ,
- Incorporated on or after 1st April 2016 but before 1st April 2030, and
- the startup is engaged in the innovation, development, or improvement of products, processes, or services or a scalable business model with a high potential for employment generation or wealth creation.
