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TMI BlogEligibility criteria for an entity to be considered as Startup w.e.f 19-2-2019X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India. ii. Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees. iii. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a 'Startup'. Explanation- An entity shall cease to be a Startup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mobile app or portal set up by the DPIIT. (ii) The application shall be accompanied by- (a) a copy of Certificate of Incorporation or Registration, as the case may be, and (b) a write-up about the nature of business highlighting how it is working towards innovation, development or improvement of products or processes or services, or its scalability in terms of employment generation or wealth creation. (iii) The DPIIT may, after calling for such documents or information and making such enquires, as it may deem fit, - (a) recognise the eligible entity as Startup; or (b) reject the application by providing reasons. Certification for the purposes of section 80-IAC of the Act 3. A Startup being a private limited company or limited liabi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y or a venture capital fund; Provided further that considerations received by such startup for shares issued or proposed to be issued to a specified company shall also be exempt and shall not be included in computing the aggregate amount of paid up share capital and share premium of twenty five crore rupees. iii) It has not invested in any of the following assets, (a) building or land appurtenant thereto, being a residential house, other than that used by the Startup for the purposes of renting or held by it as stock-in-trade, in the ordinary course of business; (b) land or building, or both, not being a residential house, other than that occupied by the Startup for its business or used by it for purposes of renting or held by it as sto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e financial year preceding the year in which shares are issued exceeds two hundred fifty crore rupees. (ii) the expressions "venture capital company" and "venture capital fund" shall have the same meanings as respectively assigned to them in the explanation to clause (viib) of sub Section( 2) of Section 56 of the Act. Declaration 5. A startup fulfilling conditions mentioned in para 4 (i) and para 4 (ii) shall file duly signed declaration in Form 2 to DIPP that it fulfills the conditions mentioned in para 4. On receipt of such declaration, the DPIIT shall forward the same to the CBDT. Scope 6. Notification referred in para 4 shall apply irrespective of the dates on which shares are issued by the Start up from the date of its incorporati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Act, 1961 1. Name of the Startup - ....................................... 2. Date of incorporation/ registration of Startup - ....................................... 3. Incorporation No./ registration No. ....................................... 4. Address and business location- ....................................... 5. Nature of business ....................................... 6. Contact details of Startup (Phone No. and Email)- ....................................... 7. Permanent Account No. ....................................... 8. Existing/ proposed activities - ....................................... (Enclose copy of Memorandum of Association, LLP/partnership Deed, Board Resolution etc.) Declaration I/ We he ..... X X X X Extracts X X X X X X X X Extracts X X X X
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