Recognition and benefits for startups including tax benefits

Startup India Scheme is an initiative by the Government of India under the leadership of Mr. Narendra Modi for the generation of employment and wealth creation. The goal of Startup India is to build up and innovate products and services and boost the employment rate in India.
To promote growth and help the Indian economy, many reimbursements are being given to entrepreneurs establishing startups.
Department for Promotion of Industry and Internal Trade (DPIIT) considers an entity as a startup only up to a period of 10 years from the date of its incorporation subject to the fulfillment of the following conditions:
Benefits under Startup India Scheme
• Tax exemptions under Income Tax Act
• Self-certification of 6 labor laws and 3 environmental laws
• 80% rebate in patent cost/ IPR protection
• Easier public procurement norms
• Easy winding-up process (within 90 days)
Registration with DPIIT
The benefits obtainable to startups are provided only to DPIIT recognized startups. Here is the brief on how a startup can be registered with DPIIT.
An application can be made by any incorporated entity fulfilling the above conditions. This online application can be filed from the website https://www.startupindia.gov.in/ or from the mobile app along with:
• Copy of certificate of registration or incorporation
• Write-up on the nature of business highlights incorporating how an entity is working towards innovation, development, or improvement of products or processes or services, or its scalability in terms of employment generation or wealth creation. This forms the very basis of rejection/ approval of the application and has to be well put.
• Additional documents providing website link, pitch deck, details of patents, etc., shall also be attached to support the application.
• Information on any award received by the entity.
• Document proof of funding received by the entity, if any.