Union government has agreed to extend income tax concessions to two more start-ups.
This takes the total approvals for the three-year income tax exemption offered to eligible start-ups under the government’s ‘Start-up India’ scheme to 5.
The two start-ups that have received the nod for tax-break include Riots Solution Private Ltd, a company delivering health-care solutions incubated in BITS Pilani, Rajasthan, and Incredible Devices Private Ltd, another company in the health-care sector.
Background:
Under the Start-up India scheme, only those start-ups that are incorporated after April 1 2016 are eligible for concessions.
The government is also examining the possibility of extending more incentives to start-ups, which may include additional tax sops, lower compliance burden and easier listing norms.
