OlympusTM, an EnKash** product, is a licensed online payment aggregator authorized by the RBI

Olympus™, an EnKash** product, is a licensed online payment aggregator authorized by the RBI

Product
Resources
Why EnKash?
Olympus

Automate your company’s AP, AR, and bank reconciliation seamlessly

Corporate Cards

Simplify corporate spending with flexible card solutions

OfEx

Manage employee expenses with a highly customizable platform

Loyalty Lounge

Seamlessly automate & manage rewards, incentives

Automate your company’s AP, AR, and bank reconciliation seamlessly

#Launching soon 🚀 as per RBI's PA (Online) authorization

Simplify corporate spending with flexible card solutions

Let your employees choose their favorite meals and save on taxes

Track and manage fuel expenses for your business travels

Unlimited cards with centralized controls

Pay for digital marketing campaigns and subscriptions with ease

Manage all your SaaS subscriptions with our dedicated SaaS Cards

Simplify travel and entertainment expenses for employees

Empower employees to make purchases and track spends in real time

*Powered by Banks/REs

Manage employee expenses with a highly customizable platform

Track and manage your budget with ease

DIY hierarchy for approval, policies, and expenses

Create policies and approval flows on the go

Get reimbursed for your expenses quickly and easily

Automate receipt management with OCR

Seamlessly automate & manage rewards, incentives

400+ brand vouchers for corporate gifting

Enable automated trade incentives easily

Automated platform for employee appreciation

Easy to use gifting solution

Get discounts on partnered subscriptions and more

Read our product-related blogs and learn how they can transform your business

Watch our product videos for an easy, engaging, and quick understanding

Know how EnKash is disrupting the industry with technology and innovation

Stay updated with the latest news and developments from EnKash

Know what our customers have to say after using our products

Tax Holiday for startups

Union Budget 2023: Extension of Tax Holiday for Startups

Tax Holiday for startups

On 1st February 2023, Honorable Finance Minister Nirmala Sitharaman announced in the Union Budget 2023-2024 the extended tax holiday date for startups from 31st March 2023 to 31st March 2024 for availing tax benefits. Moreover, she also extended the benefit of carry-forward of losses on change of shareholding of startups from seven years to ten years of incorporation.

The tax holiday scheme was first introduced in the Union Budget 2017 for startups incorporated after 2017 who could avail of a tax holiday for three out of seven years from the day of their incorporation. However, for startups to be eligible for availing the tax incentives, their turnover should be less than Rs 100 crore in any of the previous financial years. Learn more about the announcement of Tax Holidays for Startups in this blog.

Also Read: Budget 2023 – Highlights for Smaller Businesses and Startups

What is Tax Holiday for Startups?

The Government of India runs an incentive program for startups, i.e., a tax holiday, which aims to stimulate foreign investment by reducing taxes on businesses. The objective is to foster the growth of the economic system of startups in India. However, it is revised by the government from time to time.

Did you know? 

As per the survey, the number of recognized startups in the country has increased from 452 in 2016 to 84,012 in 2022.

Benefits of Tax Holiday for Startups

The following are the benefits of tax holidays for startups:

  • Helps startups meet their working capital needs in the first few years of driving
  • Helps domestic and foreign investors to take a larger bet on promising quality startups
  • The capital gains exemption motivates many businesses to launch new startups and provide new jobs for the youth
  • Startups get a breakthrough for growing their business in the long run, which ultimately generates higher taxable revenue in the future

Bottom Line

With this extension, it is a significant step taken by the government of India to support the startup ecosystem in India, which is adversely affected by the covid-19 pandemic. Moreover, this will foster the growth of the startup industry and drive innovation in the country.

In the budget announcement, the expansion of  DigiLocker will ease the KYC process, which can then be used to verify other services and cut FinTech costs, was also mentioned.

Keep watching this space to get further insights and updates on the Budget 2023.

Union Budget 2023: Extension of Tax Holiday for Startups

Tax Holiday for startups

Subscribe to get fresh updates in your inbox

The Ultimate Platform for Businesses

Manage all finance functions end-to-end benefit from a credit limit, and do more with less