Tax concession for 'startup' companies extended for one more year

Union Finance Minister Nirmala Sitharaman announced in the Interim Budget that 'Income tax concessions for investments made in startup (innovation) companies and pension funds will continue in the coming financial year as well.

Nirmala Sitharaman budget 2024

Providing incentives to encourage the role of startups in the economy is necessary for the progress of the country.

Accordingly, under the 'Startup India' scheme, income tax relief is provided to new start-up companies launched in the country since 2016.

Companies registered with the Central Government can avail exemption from payment of income tax for any consecutive 3 years in their first 10 years.

According to the last year's budget, this tax deduction is applicable only to companies registered up to March 31.

In this case, in the interim budget presented on Thursday, Minister Nirmala Sitharaman announced that the tax concession will be applicable to companies registered in the coming financial year.

While various measures are being taken to promote the startup system in the country, it is noteworthy that 1.17 lakh companies have been registered with the central government so far.

Similarly, the tax exemption on certain incomes of certain IFSC units of the country, which expires on March 31, and some tax concessions on investments made with government or pension funds have been extended till the next financial year.

Promotion of electric vehicle use: Finance Minister Nimala Sitharaman said during her budget speech that the central government will expand the use of electric vehicles by strongly supporting electrification and manufacturing infrastructure.

He also said that the use of electric buses will be encouraged in the country's public transport systems.

Comments

What is the new rule of bank locker agreement

The bank locker facility helps in keeping gold jewelry, money, important documents, etc. safe. Those who use the locker service must sign a renewed agreement. Bank locker How to avoid the risk of bank locker service being suspended? Those who have not yet signed the renewed agreement should do so immediately, banks are reminding them. If the renewed agreement is not signed, there is a risk of the locker service being suspended. Let's see the important aspects related to locker agreement renewal. Locker Agreement: The Reserve Bank of India ordered in 2021 that a new rental agreement should be obtained from the beneficiaries using locker services. The Reserve Bank took this step considering customer complaints, technical aspects, and Supreme Court guidelines. Extension of deadline: The objective of the locker renewal agreement is to improve transparency and security regarding the operation of the locker service. The deadline for this was extended twic...

No tax on gold, gold prices plummet

New Delhi, Aug. 13-Gold prices fell by nearly two percent in the international market yesterday after US President Trump announced that there would be no tax on gold. Gold price gold price fall reasons The US Customs Department issued a statement last week that the tax would also apply to gold bars . Following this, prices rose sharply. The price of one ounce of gold, i.e. about 28.35 grams, reached a new high of Rs 3 lakh. White House sources said at the time that the tax would be applicable and that an official clarification would be made soon. Following this, Trump announced on his Truth Social social networking site the day before yesterday that 'there will be no tax on gold '. This announcement allayed investors' fears regarding price hike, leading to high selling of gold. Following this, the price of one ounce of gold fell below Rs 2.90 lakh. The international market situation was also reflected in India. In the last 2 days in Chennai, the price of 22-ka...

This gold price is not permanent.

This gold price is not permanent, but when people think of a problem in the country, they buy gold first. It is good to buy as much as needed, but buying too much is foolish. When there is a famine, the things they buy are food, clothing, and money. If we don't have money, it is difficult to sell gold for urgent needs. Gold price Gold market crash history Will there ever be a situation where gold , which has been rising very, very rapidly in a short period of time, will become a commodity? Studies on gold say that it may come. If we look at the price of gold over the past 50 years, rather than just 10 or 20 years, it seems that what you are saying has happened. That is, in September 1980, the price of 1 ounce of gold touched $666. 19 years later, in September 1999, the same 1 ounce of gold was sold for $255. A 62 percent decline. An ounce did not touch $666 again until 2007. That is, 27 years later. Next, in 2012, 1 ounce of gold touched $1,772. But, in just three ye...

22k jewelers

Search This Blog