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. In a statement, the Ministry of Commerce and Industry said that startups incorporated before 1st April 2030 are now eligible to apply, giving more time and opportunity to new ventures to benefit from this financial relief.

It said that the tax benefit allows eligible startups a hundred percent 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 wealth generation.