Under the Income Tax Act, the deduction under Section 80IAC is available for eligible startups. What is the maximum period for which this deduction can be claimed?
A. 10 consecutive years from the year of incorporation
B. 5 consecutive years out of the first 10 years
C. 3 consecutive years out of the first 5 years
D. 3 consecutive years out of the first 10 years
Answer: Option D
Solution (By JKSSB Mock Tests)
Section 80IAC allows an eligible startup to claim a 100% deduction of profits for 3 consecutive assessment years out of the first 10 years from the year of incorporation.
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