SeedUp

Written By: Swati Baid

Date: 25/05/2023

Step to register and avail the deduction us 80IAC

Determine eligibility: Ensure that your start-up meets the eligibility criteria specified under Section 80IAC. This includes being an eligible start-up as defined by the Department of Industrial Policy and Promotion (DIPP) and engaged in an eligible business.
Prepare necessary documents: Gather the required documents to support your registration application. Following documents are required for the registration:

Name, address, and nature of business of the startup
Date of Incorporation Number and CIN / LLPIN
Permanent Account Number (PAN) of the startup
DIPP Number of the Startup after its recognition by the DPIIT
Contact Information of the Startup (E-mail ID and Contact Number)
Copy of the Memorandum of Association of the company, or LLP Deed of the LLP or Registered Partnership Agreement
Copy of the Board Resolution, in case of a company, if any
Copies of the startup’s Balance Sheet and Profit & Loss Statement of the last 3 financial years, certified by a practising Chartered Accountant
Copies of Income Tax Returns of the last 3 financial years mandatory, if it was incorporated before 1st April, 2018
Copy of Certificate obtained under section 56 of the Income Tax Act
Video link and copy of pitch deck required according to the stage in which the startup is (ideation / validation / early traction / scaling)

Create an account on the DPIIT portal: Visit the official website of the DPIIT and create an account on their portal. Provide the necessary details and follow the registration process.
Fill in the application form: Fill in the application form for registration under Section 80IAC. Provide accurate and complete information as per the requirements specified in the form.
Upload supporting documents: Upload the necessary supporting documents as per the requirements mentioned in the application form. Ensure that all documents are clear, legible, and in the prescribed format.
Submit the application: Review the application form and attached documents for accuracy and completeness. Once you are satisfied, submit the application through the DIPP portal.
Pay the prescribed fees: Pay the registration fees, if applicable, as specified by the DIPP. The fee structure may vary, so refer to the official guidelines or seek assistance from the DIPP or a professional advisor.
Track the application: Monitor the status of your application through the DIPP portal. You may receive updates or requests for additional information from the authorities. Respond to any such requests promptly.
Obtain the certificate: Once your application is approved and all requirements are met, the DIPP will issue the certificate of eligibility under Section 80IAC. This certificate serves as proof of your registration and eligibility for claiming deductions.
Retain and submit the certificate: Retain the certificate of eligibility for your records. When filing your income tax return and claiming deductions under Section 80IAC, submit a copy of the certificate as required by the tax authorities.

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Written By: Swati Baid

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