How to get a 3 year benefit of Zero Tax under section 80IAC?

How to get a 3 year benefit of Zero Tax under section 80IAC?

The Government has just approved over 180 companies to get a 3 year benefit of Zero Tax under section 80IAC, and this is how your company can get it too...

This section offers companies a consecutive 3 year tax free window in any of the first 10 years of their operations...

Earlier, the way the startups were evaluated for this tax break was vague, but now the government has clarified the method of evaluation, and this is the process to follow:

1/ Business has to be a private limited or an LLP registered on the Startup India website and less than 10 years old, and have a turnover less than Rs 100 crores

2/ You have to show that your business is using innovation, technology to create new products or processes, and has the potential to generate huge scale employability in the nation, and create wealth for all stakeholders

3/ To apply, go to startupindia <dot> gov <dot> in/content/sih/en/form80iac <dot> html and fill out the 80IAC form

4/ The following documents have to be uploaded:
- Shareholding structure
- Board Resolution
- ITRs for 3 years
- Audited financial statements for 3 years
- Certificate of Scalability from a CA: If there is a >10% growth in revenue from one year to the next OR 25% growth over 2 years OR over 33% growth over 3 years.
- Undertaking from CA that it is not spun off from an existing company
- Credit Rating, if carried out
- Proof of Intellectual Properties
- Awards & Recognition
- Pitch Deck
- Employee Details: Formats given
- Investment received

Over 3700 startups have got this registration, and the govt has mandated for approvals to be given within 120 days of the application made.

The government has said that startups which were not approved earlier can also apply again.