80iac-form-document-guidelines
80iac-form-document-guidelines
Subject: Declaration for Formation of Startup for Availing Income Tax Benefit under
Section 80-IAC of the Income Tax Act, 1961 (Suggested Format on company's
letterhead):
We, [Name of the Company], having our registered office at [Address], hereby declare
the following with respect to the formation of our startup:
We hereby confirm that:
- The startup has not been formed by the splitting up or reconstruction of an already
existing business, except under the circumstances specified under Section 33B of the
Income Tax Act, 1961.
- The startup has not been formed by the transfer of machinery or plant previously used
for any purpose to the new business.
(This condition shall not apply to startups formed as a result of the re-establishment,
reconstruction, or revival of a business under Section 33B of the Income Tax Act, subject
to the circumstances and timeline specified therein.)
Signature of Director/s or Partner/s and Stamp of the Company
We certify that the information stated above is accurate and compliant with the applicable
provisions of the Income Tax Act, 1961. This certificate is issued based on the
examination of the company’s records and financial statements. We declare that the
information provided above is true and accurate to the best of our knowledge and belief.
We understand that any misrepresentation or false information may result in the rejection
of our application and potential penal consequences as per applicable laws.
Details of the CA
Note: The declaration must be:
o On the letterhead of the company, Signed by the Directors/Partners of the startup.
o Validated and certified by an authorized Chartered Accountant (CA) with their
official stamp and Membership Number.
Annexure 2: Declaration of Scalability
Subject: Declaration of Scalability for Availing Income Tax Benefit under Section
80-IAC of the Income Tax Act, 1961 (Suggested Format on Company's letterhead):
We, [Name of the Company], having our registered office at [Address], hereby declare
that the company satisfies the scalability requirement for availing income tax benefits
under Section 80-IAC of the Income Tax Act, 1961, based on the following criteria:
We confirm that the company has demonstrated scalability in terms of revenue growth as
per the prescribed criteria:
☐ More than 10% growth in revenue from one financial year to the next in the latest year
☐ More than 25% cumulative growth in revenue over a period of the last two financial
years
☐ More than 33% cumulative growth in revenue over a period of the last three financial
years
(Tick the applicable option/s)
We have submitted the following supporting documents to substantiate the above claim
in our application:
- Audited financial statements (Balance Sheet and Profit & Loss Statement) for the
relevant financial years
- Income Tax Return Acknowledgement for the relevant financial years
We declare that the information provided above is true and accurate to the best of
our knowledge and belief. We understand that any misrepresentation or false
information may result in the rejection of our application and potential penal
consequences as per applicable laws.
Note: The declaration must be:
o On the letterhead of the company, Signed by the Directors/Partners of the startup.
o Validated and certified by an authorized Chartered Accountant (CA) with their
official stamp and Membership Number.
Annexure 3: Declaration Regarding Employees Pursuing/ Holding M.Tech/PhD
Degrees and Research Papers/Publications
Funding Received:
Please find the details of the funding obtained by [Company Name] in the following
categories:
Investor Details:
In accordance with the funding obtained, please find below the details of the investors
who have contributed to the funding:
Supporting Documentation:
We have attached the relevant proof of funding obtained, including but not limited to:
- Official funding letters
Kindly ensure that the information provided is accurate and that all required
documentation is included. If further details or clarification are needed, we are
available to provide additional information or documentation as requested.