PLEASE RE-DEFINE START-UP CRITERIA : ISRAELI STYLE

ATKT : Allowed  To  Keep  Term  ?

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50 years ago , a student who failed an engineering exam , was allowed to attend lectures of the next higher term , on certain conditions

This arrangement was called : ATKT

I don’t know whether this practice still exists !

Any way , I am happy with the following news report ( Business Line / 08 May 2017 ) :

“ No more rejection for start-ups seeking tax sops “

In what could be a morale booster for start-ups, the government has decided to do away with the practice of rejecting applications for tax sops.

Instead, start-ups will get an opportunity to apply again after making changes to the proposal based on the explanation given to them on the initial one.

The Department of Industrial Policy and Promotion is also re-working the qualification criteria for start-ups for non-tax benefits, a government official told BusinessLine.

“Instead of dismissing proposals that do not meet the mark for tax-sops with a simple ‘rejected’, the inter-ministerial group examining it will give details of where they fell short.

This will give the start-ups an opportunity to re-work their proposals, and apply again for tax benefits,” the official said.

“ There has been no change in the criteria of judging whether a start-up qualifies for tax benefits. It still depends on how innovative the idea is.”

The change in the Central government’s stance has been triggered by a general sense of dissatisfaction among start-ups with the new policy, as only about 10 proposals had qualified for tax sops till last month out of the 140 proposals vetted by the inter-ministerial group since the policy was announced last year.

“The DIPP has decided to be a bit more empathetic while dealing with start-ups. After all, what good are tax sops if very few are able to benefit from it,” the official said.

The 130 applicants for tax apps, who were rejected over the past year, will also get a detailed note on why their cases did not pass the test.

The DIPP will come up with a new set of rules over the next few weeks, tweaking the definition of a start-up that will result in more companies and LLPs coming under in the category.

WHY THIS “ CHANGE OF HEART “ ?

My following blogs ( earlier sent as Email to DIPP ) , will explain :

·         Start Up Re-defined  ( 20  Jan  2016  )

{ https://myblogepage.blogspot.in/2016/01/start-up-re-defined.html }

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·         In Wonderland  of  Start-Ups  ( 21  July  2016  )

{ https://myblogepage.blogspot.in/2016/07/in-wonderland-of-start-ups.html }

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·         A  Booster  Shot  ?  (  04  Sept  2016  )

{ https://myblogepage.blogspot.in/2016/09/a-booster-shot.html }

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·         “ Slow  and  Steady “  loses  the  Race  ( 06  March  2017  )

{ https://myblogepage.blogspot.in/2017/03/slow-and-steady-loses-race.html }

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·         Are  We  really  Serious  ?  ( 14  March  2017  )

{ https://myblogepage.blogspot.in/2017/03/are-we-really-serious.html }

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·         Spirit  of  Israel  (  16  Feb  2017  )

{ https://myblogepage.blogspot.in/2017/02/spirit-of-israel.html }

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09  May  2017

www.hemenparekh.in / blogs