Enable 80IAC Deduction

Income tax || Enable 80IAC Deduction Head for Company Status


Process to Enable the 80IAC Deduction Head for Company Status When Option Disable in the Deduction Tab

Info
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).

The option for claiming deduction under Section 80-IAC is currently disabled in the deductions section.

      

Notes
Steps to Enable the 80IAC Deduction Head for Company Status
Step 1: Navigate to the Company Information Section
  1. Go to the Transactions menu and click on the Company Information head.
      

Step 2: DPIIT Recognition
  1. In the Company Information section, check if you are recognized as a startup by the DPIIT (Department for Promotion of Industry and Internal Trade).
      
  1. Perform the following actions: Tick the checkbox for "Whether you are recognized as a startup by DPIIT".
  2. Enter the Startup Recognition Number allotted by DPIIT in the designated field.
Step 3: Enable the 80IAC Deduction Tab
  1. Navigate to the Deduction Head section and click on the Part C option.
      
  1. The 80IAC Deduction Tab will now be enabled.
      

You can now proceed to input the necessary details in the enabled section and claim the 80-IAC deduction in the designated fields.

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