New Delhi, May 15 -- New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has approved 187 startups for income tax exemption under the revamped Section 80-IAC of the Income Tax Act. The move aims to provide crucial fiscal relief to emerging businesses, encouraging innovation and supporting job creation across the country.

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As per a commerce ministry statement, the approvals came during the 79th and 80th meetings of the Inter-Ministerial Board (IMB), with 75 startups cleared in the 79th meeting and 112 in the 80th, held on 30 April.

With these latest approvals, over 3,700 startups have now benefited from the scheme since its launch.

Und...