Start-up India is the plan launched by honorable P.M. Shri Narendra Modi. This plan enables to create an ecosystem to promote and nourish entrepreneurship. The scheme is based on an action plan aiming at the promotion of financial bank for start-up ventures and to boost entrepreneurs.
Start-up is an entity registered in India. Start-up is the company which is not older than 5 years and its annual turnover should not exceed 25 Crore. It works towards innovation, development, deployment or commercialization of new products driven by technology or intellectual property. Such an entity is not formed by splitting up, or reconstruction, of a business already in existence.
Start-up's aim is to develop and commercialize which creates or add value for customers or workflow. Here are some features which have benefitted to entrepreneur
Features in Start-up India
Income tax provisions in Start-up India
This exemption is available for first three years. Start-up will be eligible for tax benefits only if the certificate has been obtained a certificate from the Inter-Ministerial Board.
Start-up is allowed to self-certify the compliances with labor and environmental laws.In labor law, no inspections will be conducted for a period of 3 years. Inspection can be on receipt of a credible and verifiable complaint of violation. In environmental laws, will follow white category.
Start-up India Intellectual Property Protection scheme(SIPP)
This scheme provides fast-tracking of patent applications. A panel of facilitators to assist in the filing of IP applications. The government will bear the cost of such facilitation and rebate on the filing of patents.
Mobile application and web support
The scheme also provides on-the-go accessibility for Start-up's registration, tracking the status of registration, filing for compliances, Start-up collaboration with various Start-up ecosystem partners and for applying for various schemes under the Action Plan.
How tax benefits can be availed in Start-ups
Addition in value: Value added in the product and customer.
Solution to the problem: Start should be available to solve certain problems of the society. Points should be clearly mentioned.
Working with Business Model: Start-up should be according to the particular business model about Business model otherwise, incubators may be rejected.
Recommendation letter –This application is needed from certain authorities. Authorities can any incubators established the post-graduate college in India, incubator which is funded from Central or state government.
Step to get Recommendation letter
- Easy task: You can Directly reach out to the incubators via email or phone and to tell case correctly.
- Startup application filling: After you are connected, the incubators will send you the application form which you need to fill out properly along with the necessary documents.
- Visit the incubators: possibility that incubators may call you for the meeting, and you may have to visit it personally.
- Business should be working: Business model is, it should be working model. Proposed business will not be considered by incubators.
- Fees: The incubators may charge you Rs.5000. If your application has been taken up by an expert panel, then the cost will further increase by Rs.5,000/-. This will not be more than Rs.10,000/- in any case.
Start-up is the fast-growing business that aims to meet a marketplace need by developing an innovative product or service. Start-up India has given an opportunity to many young youths to bring their business idea into the application. This scheme is a success and has given many benefits to entrepreneur and other people.