Overview
Section 80-IAC of the Income Tax Act, 1961, provides eligible startups with a tax exemption for three consecutive years out of the first ten years since incorporation. This exemption is a significant advantage, allowing startups to reinvest profits into business growth. Jinishis Advisory Services offers comprehensive support to help startups secure this exemption, ensuring compliance with all statutory requirements.
Our Approach :
Eligibility Analysis: We start by evaluating your startup’s eligibility for the 80-IAC tax exemption. This includes assessing your business model, incorporation date, annual turnover, and innovation potential to ensure that you meet all the necessary conditions.
Documentation Preparation: The application for 80-IAC exemption requires detailed documentation, including a business plan, financial statements, and proof of innovation. Our team assists you in compiling and preparing these documents to meet the strict requirements set by the government.
Application Filing: We guide you through the process of filing the application with the Inter-Ministerial Board (IMB). Our experts ensure that your application is thorough, accurate, and strategically positioned to highlight your startup's eligibility for the exemption.
Compliance Advisory: Even after filing, it is essential to maintain compliance with ongoing regulatory requirements. We provide advisory services to ensure that your startup continues to meet the criteria for 80-IAC exemption throughout the applicable years.
Audit and Review Support: In case of any audits or reviews by the tax authorities, our team is ready to support you with expert advice and representation, ensuring that your startup remains compliant and retains the exemption.
Why Choose Us?
Securing an 80-IAC tax exemption can be a complex and challenging process. At Jinishis Advisory Services, we simplify this journey with our in-depth knowledge and proactive approach. We are committed to helping you maximize your startup's financial efficiency, allowing you to focus on innovation and growth.
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