Union Budget 2022: Tax Incentive Period Increased for Startups by 1 Year

At the Union Budget 2022 session, Minister of Finance Nirmala Sitharaman said that eligible startups established before March 31, 2022, have been provided tax incentive for three consequent two years, out of the 10-year period starting with incorporation, in view of the coronavirus-induced pandemic. Sitharaman said, “I propose to extend the period of incorporation of the eligible startups by one more year. That is up to March 31, 2023, for providing such tax incentives.” She added, "Incentives for startups have emerged as drivers of growth for our economy over the past few years. The country has seen a manifold increase in successful startups."

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