Startups

Tax holiday some relief for startups | Hyderabad News

Read more at timesofindia.indiatimes.com

Hyderabad: Union finance minister Nirmala Sitharaman announced a series of initiatives to provide succour to startups, bringing some cheer for the community in the state.
Hyderabad-based incubator T-Hub CEO Ravi Narayan said the extension for startups on both, the eligibility for claiming tax-holiday and the capital gains exemption for investment by another year (up to March 2022) will prove beneficial, especially, for those whose businesses were affected due to the pandemic.
The revised norm and opportunity to form a ‘one-person company’ with zero turnover norms and without any restrictions in 120 days will boost the EoDB (ease of doing business) quotient for startups, as will the hike in threshold of annual turnover for small companies from Rs 2 crore to Rs 20 crore.
City-based EV-startup Etrio’s co-founder and CEO Deepak MV said the move to support startups will not only lead to generation of employment but also boost demand. Even Subha Lakshmi, founder of city-based startup Macromoney, said the Budget’s thrust on improving infrastructure in urban areas will augur well for startups.
However, stating that the pandemic has altered the nature of women’s participation in the economic workforce of India, Deepthi Ravula, CEO, WE-Hub, said, “if there would have been provisions for incentivizing employers investing in skilling, hiring more women as part of their workforce, that would have been a huge opportunity for increasing female participation in the workforce.’’
Sitharaman said social security benefits will extend to gig and platform workers.
“In five years, we witnessed a seismic change in the way products and services are being delivered to customers through new age platforms. With over 1.5 crore freelancers/gig workers in the country, this number is going to multiply and will redefine the landscape. So, this is a positive move,” said Sudhir Naidu, CEO and founder of Troop Messenger.

Read more at timesofindia.indiatimes.com

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