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StartUp Founders Seek 1-3 Years Of Tax Holiday

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Tax Filing for StartupsYoung entrepreneurs in India demanded that the Government should provide 1-3 years of Tax and Compliance holiday to startups under its “Start Up India” initiative.

The program will be launched on January 16 by Prime Minister Narendra Modi. Technology-centric startups in sectors like healthcare, education and others will benefit from the program.

Archit Gupta Founder and CEO of ClearTax told PTI“We think a 1-3 year tax and compliance holiday should be considered for startups. A single window clearance must be provided for setting up a company. Shutting down a company should also be simple,”

“Focus should be more on rural job creation, agriculture sector, health-care business and businesses involved in doing socio-economic activities” said Sreevalsam Menon Founder and CEO of healthcare app service Medikoe.

Rajeev Pathak of Funtoot, a digital tutor platform for Maths and Science powered by artificial intelligence, said the trend right now is to build around technology-centered companies. “We foresee the benefit reaching technology-centered companies initially. The focus right now is on them, the aura is built around them…all the businesses that are in nascent stage that require intensive hand holding, and that are in need of guidance, be it related to technology, or operational knowhow, should benefit from such initiatives,” he added.

CEO and co-founder of 360Ride Lokesh Bevara is of the view that the initiatives will help all sectors involving government regulation. “Any sector wherein lot of government regulation is involved, will benefit. For example, cab industry, ride sharing industry, travel industry, logistics and food industry. Once the rules are in place it will help start-ups solve problems in a better way, which will eventually help their items/services to produce best results”

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