| Question And Answer | |
|---|---|
| Subject: | Section 80IAC of the Income Tax Act dealing with grant of recognition for eligible business |
| Category: | Income-Tax |
| Querist: | S.Thyagarajan |
| Answered by: | Law Intern |
| Tags: | Section 80-IAC |
| Date: | October 15, 2025 |
the assessee had applied for recognition as eligible business in December 2024 but is yet to obtain the recognition. IS there a possibility for the assessee to file a return and claim exemption under the section notwithstanding the fact that the recognition is yet to be obtained
No. It is not possible to claim the deduction u/s 80-IAC without first obtaining the IMB certificate of eligible business. S. 80-IAC(3)(iii) requires the startup to hold the certificate from the IMB at the time of claiming the deduction. Also, Form 10CCB (audit report from a CA) is required to be attached.
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