80IAC Deduction

ExpressITR || 80IAC Deduction


Process to Feed 80IAC Deduction Details for Startup Companies


Eligibility Criteria for 80IAC Deduction
  1. Incorporation Date: The startup must be incorporated or registered between April 1, 2016 and March 31, 2025.
  2. Age Limit: The deduction can be claimed within the first 10 years from the date of incorporation.
  3. Entity Type: The startup should be incorporated as a Private Limited Company, a Partnership Firm or a Limited Liability Partnership (LLP).
  4. Turnover Limit: The turnover should be less than INR 100 Crores in any of the previous financial years.
  5. Recognition: The entity must be recognized as a startup by the DPIIT (Department for Promotion of Industry and Internal Trade).


Steps to Feed 80IAC Deduction in Express ITR

Step 1: Access the ITR Summary
  1. Log in to Express ITR using your credentials. and open the profile of the startup company.
  2. Navigate to the ITR Summary section and click on Return Flow to begin.
Step 2: Provide Business Information
  1. Open the Business Profession head and navigate to Business Information.
      
  1. Go to the Organization Info section and fill in the following:
    1. Select "Yes" for the question, "Whether you are recognized as a startup by DPIIT?"
                  
    1. Enter the DPIIT Registration Number.
    2. Select "Yes" for the question, "Whether Declaration in Form-2 in accordance with para 5 of DPIIT notification dated 19/02/2019 has been filed before filing of the return?"
    3. Enter the date of filing the declaration.
                  

Step 3: Enter 80IAC Deduction Details
  1. Open the Deductions Head in the software.
      
  1. Locate the 80IAC Section for eligible startups.
      
  1. Enter the relevant deduction details based on the financial records and eligibility.

Note: Ensure all data is accurate and supported by appropriate documentation, as per the guidelines laid out by DPIIT and the Income Tax Department.
This process ensures proper claim of deductions under 80IAC, promoting compliance and transparency for eligible startups.

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