If any startup wants to apply for the tax exemption after being recognized, they must follow the below procedure:
1. Visit the Startup India portal to sign up and create your credentials.
2. Once you visit the portal, you have to apply for startup recognition. This is a pre-requisite for the next tax holiday request. After the validation, the entity will obtain a certificate of recognition.
3. Now the entities are eligible to get the tax benefits once they are approved by the IMB.
4. Further, the applicant will also be examined for uniqueness, innovation, and scalability. It would be done via a specialized agency that shall put up the cases in the next meeting. But before this, if you have some clarifications to be done, you can communicate it via email. Every startup gets three chances of resubmission.
5. Once the IMB approves an entity, it will offer a certificate of eligibility.
6. After getting the eligibility, the entities can provide all the certificates along with DPIIT number to claim the tax exemption.