Income Tax Benefit For Startup: Piyush Goyal said that the government is continuously supporting the startup ecosystem
New Delhi:
Income Tax Benefit For Startup: Commerce and Industry Minister Piyush Goyal has said that the announcement made in the budget regarding income tax benefit to startups will strengthen the startup ecosystem in the country. Finance Minister Nirmala Sitharaman during her budget speech on Wednesday proposed to extend the benefit of carry forward of losses for startups to 10 years. He had said, “I propose to extend the date of formation of startup from March 31, 2023 to March 31, 2024 for Income Tax Incentives.” Along with this, I also propose to increase the benefit of carry forward of loss from seven to 10 years due to change in shareholding of startups.
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The Union Minister said that the government has been continuously supporting the startup ecosystem and the country has seen significant growth in this sector since the launch of the ‘Startup India’ initiative. He said, “I believe that this budget (Budget 2023) will definitely give a lot of support and help to the startup ecosystem so that it can flourish in the years to come.”
He said that the budget has also focused on promoting startups in the agriculture sector and creating agri-preneurs. It will also encourage better ideas for cold storage, food processing and value addition in the agriculture sector.
In the budget speech on Wednesday, the Finance Minister had said that the government will set up an Agriculture Accelerator Fund to encourage agri-startup units by young entrepreneurs in rural areas. Along with this, a digital public infrastructure for agriculture will also be created with the aim of providing inclusive, farmer-centric solutions.
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