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:
- ᱥᱴᱟᱨᱴ ᱟᱯ ᱱᱟᱣᱟ ᱛᱮᱭᱟᱨ ᱚᱰᱚᱠ, ᱩᱛᱷᱱᱟᱣ ᱟᱨ ᱵᱟᱝ ᱟᱨᱡᱟᱣ ᱛᱩᱫ ᱟᱨ ᱵᱟᱝ ᱠᱟᱹᱢᱤ ᱠᱚ ᱟᱨ ᱵᱟᱝ ᱥᱮᱣᱟ ᱠᱚ ᱨᱮᱭᱟᱜ ᱥᱩᱫᱷᱟᱨ ᱟᱨ ᱵᱟᱝ ᱨᱚᱡᱜᱟᱨ ᱢᱚᱰᱟᱞ ᱟᱨ ᱵᱟᱝ ᱛᱮᱭᱟᱨ ᱥᱤᱨᱡᱚᱱ ᱨᱮᱭᱟᱜ ᱢᱤᱫ ᱪᱮᱛᱟᱱ ᱠᱷᱮᱢᱚᱛᱟ ᱥᱟᱸᱣ ᱢᱤᱫ ᱥᱠᱮᱞᱮᱵᱟᱞ ᱣᱤᱡᱱᱮᱥ ᱢᱚᱰᱟᱞ ᱨᱮ ᱞᱟᱜᱟᱣ ᱟᱠᱟᱱᱟ,
- 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.
