Department for Promotion of Industry and Internal Trade revise definition of startups. New startup definition to include 10-year-old entities. Entity shall considered as startup up to 10 years from its date of registration, Minister Suresh Prabhu. Proposals aim to simplify the process of exemptions for Startups under section 56 (2) (viib) of the Income Tax act. Entity shall be considered startup if its turn over for any FY since incorporation doesn’t exceed Rs 100 Cr.
