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Budget 2021: FM proposes to allow 1-person companies to boost startups

Shortpedia

Content Team
Image Credit: Shortpedia

In a major relief for struggling businesses amid the coronavirus pandemic, the union finance minister Nirmala Sitharaman announced the extension of tax holidays for start-ups by one year, till 31st March 2022. Apart from this, the finance minister also proposed to incentivise the incorporation of one person company to promote growth and reduce restrictions. The FM proposed Rs. 15,700 crore for MSMEs.