DPIIT Clears 187 Startups For Tax Relief under Revised Section 80-IAC Framework

The Department for Promotion of Industry and Internal Trade (DPIIT) has granted approval to 187 startups to receive benefits under Section 80-IAC of the Income Tax Act. These approvals, which allow for a 3-year tax holiday for eligible startups, were granted under revised eligibility criteria. This demonstrates the government's ongoing commitment to supporting the growth and development of the startup ecosystem in India, even amidst increased scrutiny and discussions surrounding angel tax provisions and the overall tax treatment of early-stage ventures. The significant number of approved startups highlights the continued momentum in India's startup landscape.