Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up

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..... f the Act, inter alia, provides for a deduction of an amount equal to hundred percent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of ten years at the option of the assessee. This is subject to the condition that the total turnover of its business does not exceed one hundred crore rupees. The eligible start-up is requ .....

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..... hen the residential property is transferred on or before 31st March, 2021. In order to help such eligible start-up and help investment in them,- (i) it is proposed to amend the provisions of section 80-IAC of the Act to extend the outer date of incorporation to before 1st April, 2022; and (ii) it is proposed to amend the provisions of section 54GB of the Act to extend the outer date of transf .....

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