I was elated to start a new business in NOIDA; the business hub of NCR and all was going as per the plan but soon I was jolted to know that the last date of tax-filling is around and I had no clue over what to mention in the tax-form. Here started my search for a reputed chartered accountant in Noida and after many friends and peers suggested the name of Saluja Goel and company, I decided to meet them in person and brief my concerns.
What happened next is history as all my tax-related queries were patiently resolved and they took charge of all my financial worries hence leaving me just to concentrate more productively on my business and infuse new ideas into it and earn more revenues.
Being a startup was not easy as we were not very much sure about the tax benefits bestowed upon us by the government in this state of less knowledge and more doubts, many fraudulent CA firms tried to dupe us but Saluja Goel and company has the deep insight into taxation and rebates, they helped us in reaping the benefits of various government schemes and exemptions hence helped in sailing smoothly through the murky waters.
There were the below-mentioned benefits that we got as a Startup:
- Tax holiday for three in a block of seven years
We enjoyed a 100 % rebate on the profits for three years as our startup was incorporated between 1st April 2016 and 31st March 2022 and our annual turnover was up to Rs.25 crores. This scheme was offered to help the startups to meet the requirements of their working capital during the initial years of operation.
- Exemption from Long-term Capital Gains Tax
As per section 54EE added in the Income tax act, tax on long-term capital gain was exempt. The maximum amount allowed to be invested was Rs 50 lakh provided this amount remains invested for a period of three years within six months of such gains arising. If the funds are withdrawn before three years from the date of investment the exemption would be revoked in the year in which the investment is diluted.
- Tax exemption on Investments Above the Fair Market Value
Taxes to be levied on investments made above the fair market value are exempted provided such investments are made by family, resident angel investors, incubators or funds not registered as venture capital funds.
Our CA firm acted as the best financial adviser and rendered advice related to business development, tax planning, financial risks, business acquisitions, and mergers. Our confidence skyrocketed and we performed very well in the next quarter of the financial cycle.