Have you Availed these Startup Benefits?

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1. Startup Recognition: Eligibility Criteria for Startup Recognition: (DIPP Certificate)

a. The Startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership

b. Turnover should be less than INR 100 Crores in any of the previous financial years

c. An entity shall be considered as a startup up to 10 years from the date of its incorporation

d. The Startup should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment/ create wealth. An entity formed by splitting up or reconsutrctuon of an existing business shall not be considered a "Startup"

2. Startup India: 80 IAC Tax exemption:

Section 80-IAC of the I-T Act provides for a deduction of one hundred percent of the profits and gains derived from the business by an eligible start-up incorporated until March 31, 2022 (previously it was March 31, 2021) for 3 consecutive assessment years out of 10 years.

Eligibility Criteria for applying to Income Tax exemption (80IAC):

a. The entity should be a recognized Startup

b. Only Private limited or a Limited Liability Partnership is eligible for Tax exemption under Section 80IAC

c. The Startup should have been incorporated after 1st April, 2016

3. Tax Exemption under Section 56 of the Income Tax Act (Angel Tax)

Eligibility Criteria for Tax Exemption under Section 56 of the Income Tax Act:

a. The entity should be a DPIIT recognized Startup

b. Aggregate amount of paid up share capital and share premium of the Startup after the proposed issue of share, if any, does not exceed INR 25 Crore.

State Level Incentives:

Government of Maharashtra will provide preference to early stage Startups (up to 3 years from date of incorporation) and FinTech Startups with women Founders to avail of the above incentives. It will earmark a certain proportion of the total fund for the benefit of such Startups:

• Incentive Fund for Top-rated Startups

• Creation of Investment Fund

• Reimbursement of internet and electricity charges

• Reimbursement of expenditure towards hosting infrastructure

• Reimbursement of State GST

• Reimbursement of exhibition/global event participation fee

• Incubation Space for accelerators and Startups

• FinTech Corpus Fund

• Partner with Startup India

• Can Participate on various programs

• Partnered Services: Startup India has partnered with various corporates and organizations to provide free services for your startup and help you accelerate your growth. These services are divided into various categories such as management enterprise, cloud credits and more. Pro-bono services help accelerate your growth, free of cost.

Women Enterpreneurs

Financial Assistance:

To encourage women entrepreneurs, to have their business idea real on board, the government and many financial institutions offer financial assistance through some credit policies especially framed for women.

• The Annapurna Scheme: The scheme grants loans up to Rs. 50,000 to help women in setting up their own catering business.

• The Stree Shakti Scheme: The scheme grants for special business loans up to Rs 5 lakhs to entities where more than 50% of ownership is held by women.

• Orient MahilaVikasYojana Scheme: The scheme offers collateral-free loans up to Rs 10 lakh and more than that with collateral to women entrepreneurs to start their small business or industry.

• Dena Shakti Scheme: For women thinking for a business out of agricultural goods or manufacturing business, the scheme offers loans up to Rs 20 lakh and other microcredits.

• Udyogini Scheme: If compared to other schemes, the scheme provides loans on low-interest rates and up to Rs 1 lakh for women aged between18 to 45.

• Cent Kalyani Scheme: For women initiating business related to agriculture or retail trade, collateral-free loans up to Rs 100 lakhs shall be provided under this scheme.

• Mudra Yojana for Women Scheme: The scheme provides for financial aid to women to start small ventures like forming a beauty salon, day-care center, etc. Loans ranging from Rs 50000 to Rs 5 lakh shall be provided under this scheme.

• Mahila Udhyam Nidhi Scheme: For fulfillment of financial need of small business ideas or modernization of existing women held businesses, the scheme provides loans up to Rs 10 lakh.

• A loan from Bhartiya Mahila Bank: The bank offers collateral-free loans to MSMEs up to Rs 1 crore and financial assistance up to Rs 20 crore to underprivileged women to start their manufacturing business.

• TREAD (Trade-Related Entrepreneurship Assistance and Development Scheme): The scheme assists with finance to women held start-ups along with training and counseling on different matters.

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