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Sec. 56(2)(viib) not applicable to startups having paid up share capital upto Rs. 10 crore

April 13, 2018
Department of Industrial Policy and Promotion (DIPP) has issued notification to consider application of Startups for claim of incentive under Section 80-IAC and Section 56(2)(viib) of the Income-tax Act. It has provided that provisions of sec. 56(2)(viib) are not applicable to startups having paid up share capital upto Rs. 10 crore.
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