Government Approves 187 Startups For Income Tax Exemption Benefits

TAX BREAKS & MORE: WHAT THE NIGERIAN STARTUP ACT OFFERS – Pavestones Legal

BY ADERONKE ALEX-ADEDIPE AND OMODELE FATODU Introduction The Nigerian Startup Act 2022 (NSA) is a significant piece of legislation, designed to foster innovation, attract investment, and create a favourable business climate for tech-enabled startups in Nigeria. It aims to position Nigeria as a leading hub for digital entrepreneurship in Africa by removing regulatory barriers and offering targeted incentives. This newsletter explores key incentiv…

187 Startups Approved for Tax Relief Under Revised Section 80-IAC

187 Startups Approved for Tax Relief Under Revised Section 80-IAC 187 startups were granted permission by the Department for Promotion of Industry and Internal Trade (DPIIT) for tax relief under the revised Section 80-IAC of the Income Tax Act. This action was taken at their 80th Inter-Ministerial Board meeting on April 30, 2025. A DPIIT […]

DPIIT clears 187 startups for tax relief under revised section 80-IAC framework

NEW DELHI : In a significant boost to India’s startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for income tax exemption under the revamped Section 80-IAC of the Income Tax Act. Notably, the decision came during the 80th meeting of the Inter-Ministerial Board (IMB), held on 30th April 2025. According to a spokesperson of DPIIT, the tax benefit allows eligible startups a 100% income t…

Government Approves 187 Startups For Income Tax Exemption Benefits

The government on Thursday said it has approved as many as 187 startups for income tax exemption. The tax benefit allows eligible startups a 100% income tax deduction on profits for any three consecutive years within a ten-year window from the date of incorporation.The income tax benefit scheme is designed to support emerging businesses in their formative years, encouraging innovation, job creation, and wealth generation."The Department for Prom…

DPIIT Approves 187 Startups For Income Tax Exemptions

The Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for tax exemptions under the revised Section 80-IAC of the Income Tax Act.  In a statement, the commerce ministry said that 75 startups were cleared for exemptions during the 79th Inter-Ministerial Board (IMB) meeting and 112 startups received the nod during the 80th meeting.  With this, more than 3,700 startups have now been granted tax exemptions unde…