On 5th July 2019, The Finance Minister Nirmala Sitharaman presented the Budget 2019 and it had something special in store for tech startups. Tech Startups have become a major source of economic growth in the country and therefore it was essential to provide them a conducive environment for their growth and motivation more such innovations.
Let’s take a look at the major highlights from Budget 2019:
- Around 80-100 new incubators and livelihoods to be launched encouraging the growth of more tech-based startups.
- An exclusively new program to be launched on DD Channel focusing on the education for startups and discussing funds and taxes.
- Section 54GB of the Income Tax Act has been updated. As per the new amendment, the amount gained by selling properties and real estate when invested in a startup company will be exempted from taxes and the rule is now extended until 31 March 2021.
- The rank of India in ease of doing businesses under the category of ‘paying taxes’ was 172 in 2017 which has now massively improved to current rank 121.
- New schemes launched to invite foreign companies for investment by new bidding process.
- Women SHG Interest Subvention Program to be expanded to all districts in order to encourage women entrepreneurship.