Union Budget 2023-24: FM Sitharaman extends tax benefits to start-ups

The allocation for start-ups in the Budget include Rs 160 crore under Startup India Seed Fund (SISF)

Union Finance Minister Nirmala Sitharaman on Wednesday extended income tax benefits for start-ups till March 2024 in a bid to boost entrepreneurship in the country. She also proposed extending the benefit of carry forward of losses on change of start-ups’ shareholding to 10 years of incorporation, from the current seven years.
 
“Entrepreneurship is vital for a country’s economic development. We have taken a number of measures for start-ups. India is now the third largest ecosystem for start-ups globally, and ranks second in innovation quality among middle-income countries,” she said.
 
The FM also proposed setting up an agriculture accelerator