Central government proposed to extend income tax benefits to startups incorporated till March 2024. Finance Minister Nirmala Sitharaman said that the government proposes to increase the benefit of carrying forward losses for startups to 10 years.
Sitharaman said ‘I propose to extend the date of incorporation for income tax benefits to startups from March 31, 2023, to March 31, 2024. I further propose to provide the benefit of carry forward of losses on change of shareholding of startups from seven years of incorporation to 10 years.”
Adding, she said sugar cooperatives can claim payments prior to 2016-17 made to sugarcane farmers as an expenditure.To boost domestic manufacturing the government proposed to minimise basic customs duty on seeds used in the manufacturing of lab-grown diamonds.
The government would provide a higher limit of Rs 2 lakh per member for cash deposits and loans by Primary Agricultural Credit Societies, she added.