Saturday, September 23, 2023

Startups included until March 2024 to get income tax benefits: FM

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The cabinet proposed on Wednesday to extend income tax benefits Startup established until March 2024. Minister of Finance Nirmala Sitharaman also said the government is proposing to increase the loss carry forward benefit for startups to 10 years.

“I propose to extend the incorporation date for startup income tax benefits from March 31, 2023 to March 31, 2024. I further propose to offer the benefit of loss carry-forward upon shareholding change of startups to ten years from seven years after incorporation,” she announced.

Sugar cooperatives can claim payments made to sugar cane farmers before 2016-2017 as expenses, the minister added.

New cooperatives that start production until March 2024 would also receive a lower tax rate of 15 percent, she said in the Budget speech.

To promote domestic production, she said the government is proposing to cut basic customs duties on seeds used in the production of lab-grown diamonds.

The government would provide a higher limit of Rs 2 lakh per member for cash deposits and loans per member Primary agricultural credit companiesshe added.

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