3-year concession for new start-up companies
Posted on: 27/Jan/2016 10:08:03 AM
Prime Minister Narendra Modi had inaugurated the Start-Up India Scheme in order to encourage job opportunities for youngsters and to create the right tax environment for the entrepreneurs.
Circulars are being sent regarding this to all institutions including the Provident Fund Company.
The secretary of the central department of Employee Welfare, Mr. Shankar Agarwal, has informed in a circular it is sufficient for the Start-Up companies to provide documentation proof as per the 9 Acts pertaining to Employees Provident Fund, Employee Insurance, etc.
For the first 3 years after the start of the company, it is not required to furnish proofs of auditing, etc. Concession is also given to these Start-Ups for 3 years that they need not file their Income Tax returns.
