Page 97 - Quick Insights Book 2022

27 Startups

Startup India movement has led to a revolution in Startup
ecosystem of India. Every Startup requires a finance
professional such as chartered accountant in their journey from
ideation to scaling. A chartered accountant can provide following
services to a startup:

1. Startup DPIIT Recognition

Chartered Accountants can help Startups in seeking the DPIT
Registration. DPIIT Registration is the preliminary step for any
Startup to obtain below benefits:
 Rebate in fees and Fast-tracking of Intellectual Property
Rights Application,
 Self-certification of registers under 6 Labour &3
Environment Laws which allows a protection of 5 years
from inspection unless any complaint is filed against the
Startup,

 Rebate in Angel Tax, ESOP and Window for Exemption
of Income Tax.

This registration is also helpful in seeking State policy based
incentive.

2. Inter-Ministerial Board DPIIT Recognition

Startups are eligible for exemptions under section 80IAC, 54GB,
79, 156, 191 and 192 of the Income Tax Act 1961. Chartered
Accountant professionals can educate and help Startups in
getting these benefits by obtaining recognition for the Startup
from the Inter-ministerial Board.
3. Indian Government Schemes

Members can guide and help Startups seeking financial support
from government to fund their operations depending on their Startups
nature of business. Below are some schemes hosted by the
Government of India:
a. Startup India Seed Fund Scheme
b. Standup India Scheme

c. Extra Mural Research Funding
d. PM Mudra Yojana

e. PM Employment Generation Programme
f. Dairy Entrepreneurship Development Scheme

4. State Startup Incentive Policies
Today, 30 of the 36 States and Union Territories have a
dedicated Startup Policy. Such policies can help Startups

84 Quick Insights on Professional Opportunities for Chartered Accountants