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Eligibility criteria for an entity to be considered as Startup w.e.f 19-2-2019 - G.S.R. 127(E) - Indian LawExtract ..... imited Liability Partnership Act, 2008 ) in India. ii. Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees. iii. Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a Startup . Explanation- An entity shall cease to be a Startup on completion of ten years from the date of its incorporation/ registration or if its turnover for any previous year exceeds one hundred crore rupees. (b) Act means the Income ..... x x x x x Extracts x x x x x Eligibility criteria for an entity to be considered as Startup w.e.f 19-2-2019 - G.S.R. 127(E) - Indian Law x x x x x Extracts x x x x x ..... ighlighting how it is working towards innovation, development or improvement of products or processes or services, or its scalability in terms of employment generation or wealth creation. (iii) The DPIIT may, after calling for such documents or information and making such enquires, as it may deem fit, - (a) recognise the eligible entity as Startup; or (b) reject the application by providing reasons. Certification for the purposes of section 80-IAC of the Act 3. A Startup being a private limited company or limited liability partnership, which fulfils the conditions specified in sub-clause (i) and sub-clause (ii) of the Explanation to section 80-IAC of the Act , may, for obtaining a certificate for the purposes of section 80-IAC of the Act, m ..... x x x x x Extracts x x x x x Eligibility criteria for an entity to be considered as Startup w.e.f 19-2-2019 - G.S.R. 127(E) - Indian Law x x x x x Extracts x x x x x ..... ount of paid up share capital and share premium of twenty five crore rupees. iii) It has not invested in any of the following assets, (a) building or land appurtenant thereto, being a residential house, other than that used by the Startup for the purposes of renting or held by it as stock-in-trade, in the ordinary course of business; (b) land or building, or both, not being a residential house, other than that occupied by the Startup for its business or used by it for purposes of renting or held by it as stock-in trade, in the ordinary course of business; (c) loans and advances, other than loans or advances extended in the ordinary course of business by the Startup where the lending of money is substantial part of its business; (d) capital ..... x x x x x Extracts x x x x x Eligibility criteria for an entity to be considered as Startup w.e.f 19-2-2019 - G.S.R. 127(E) - Indian Law x x x x x Extracts x x x x x ..... nation to clause (viib) of sub Section( 2) of Section 56 of the Act . Declaration 5. A startup fulfilling conditions mentioned in para 4 (i) and para 4 (ii) shall file duly signed declaration in Form 2 to DIPP that it fulfills the conditions mentioned in para 4. On receipt of such declaration, the DPIIT shall forward the same to the CBDT. Scope 6. Notification referred in para 4 shall apply irrespective of the dates on which shares are issued by the Start up from the date of its incorporation, except for the shares issued in respect of which an addition under section 56(2)(viib) of the Act has been made in an assessment order made under the Act before the date of issue of the notification. 7. Notification referred to in para 4 shall be appl ..... x x x x x Extracts x x x x x Eligibility criteria for an entity to be considered as Startup w.e.f 19-2-2019 - G.S.R. 127(E) - Indian Law x x x x x Extracts x x x x x ..... ress and business location- ....................................... 5. Nature of business ....................................... 6. Contact details of Startup (Phone No. and Email)- ....................................... 7. Permanent Account No. ....................................... 8. Existing/ proposed activities - ....................................... (Enclose copy of Memorandum of Association, LLP/partnership Deed, Board Resolution etc.) Declaration I/ We hereby certify that the above information furnished by me is true and no relevant information has been concealed. For (Name of the Startup) (Name of the authorised signatory) Designation Place: __________ Date: __________ This form shall be accompanied by the following documents ..... x x x x x Extracts x x x x x Eligibility criteria for an entity to be considered as Startup w.e.f 19-2-2019 - G.S.R. 127(E) - Indian Law x x x x x Extracts x x x x x
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