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Union Budget Highlights for Start-ups
On Thursday, 1 February 2024, the Hon'ble Finance Minister, Nirmala Sitharaman, presented interim Budget 2024 in the Lok Sabha. We bring you the key amendments proposed in Finance Bill 2024 with respect to start-ups sector.
Though the Interim Budget of 2024 has followed the trend of not introducing significant amendments, certain amendments to boost the growth of start-up sector has been announced. The Hon’ble Finance Minister in the Budget speech acknowledged the pivotal role of start-up initiatives such as Start Up India and Start Up Credit Guarantee Scheme that meets entrepreneurial aspirations of the youth of our nation. Additionally, the Hon’ble Finance Minister recognized that promotion of technological advancements and innovations in start-ups has resulted in an all-pervasive economic benefit for the country.
One of the key proposals in the Finance Bill 2024 is the extension of the date of incorporation for eligible start-ups from 31 March 2024 to 31 March 2025, for the purpose of claiming profit-linked tax holiday deduction. This extension is seen as a positive step towards fostering the growth of start-ups. However, it is essential to note that there are heightened expectations surrounding the full budget to be announced post general elections, to introduce additional measures aimed at catalyzing the growth of start-up sector.