DPIIT nod to 187 startups for income tax exemption under revamped Section 80-IAC: Govt

In a significant boost to India’s startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for income tax exemption under the revamped Section 80-IAC of the Income Tax Act, the government said Thursday. The tax benefit allows eligible startups a 100% income tax deduction on profits for any three consecutive years within a ten-year window from the date of incorporation.

The scheme is designed to support emerging businesses in their formative years, encouraging innovation, job creation, and…