Entity named as company or a limited liability partnership must be engaged in eligible business. Eligible business stands to business that is indulge in process of invention, innovation and development of goods and services that helps to create the employment and wealth in economy.
These entity must be formed on or after March 31, 2016 and maximum business turnover would be 25 crore annually in the previous year relevant to the assessment year for which deduction is claimed under section 80-IAC.
Entity must grasp a certificate from the inter-ministerial board of certification of eligible business.
Memorandum of association for private limited or LLP deed
Board resolution
Last 3 financial year’s annual accounts of the startupp>
Last 3 year’s income tax returns that belongs to startup
Along with above, it’s not allowed to make investment in any immovable property, transport vehicles above the amount of 10 lakh. They can do so in regular dealing of business..