For writers and researchers
Cite this research
Figures from Lekha Advisory's research may be quoted freely with attribution and a link. Below are the figures we publish, the instruments they derive from, and the wording we suggest. Where a figure is our own observation rather than an official one, it says so.
Regulatory figures
These derive from primary instruments and are verifiable independently. Several changed materially in 2025 and 2026, and much published guidance still states the superseded position — cite the instrument alongside us.
DPIIT recognition turnover ceiling (₹300 crore for Deep Tech)
₹200 crore
Source: DPIIT Notification G.S.R. 108(E) dated 4 February 2026
DPIIT recognition window from incorporation (20 years for Deep Tech)
10 years
Source: DPIIT Notification G.S.R. 108(E) dated 4 February 2026
Validity of a merchant banker FMV certificate before an ESOP exercise
180 days
Source: Rule 3, Income-tax Rules 1962 (Rule 15, Income-tax Rules 2026 from 1 April 2026)
Incorporation cut-off for Section 80-IAC eligibility
1 April 2030
Source: Finance Act 2025 — extended from 1 April 2025
Section 80-IAC turnover condition in the year claimed — lower than the recognition ceiling
₹100 crore
Source: Section 80-IAC, Income-tax Act 1961 (Section 140, Income-tax Act 2025)
Minimum Alternate Tax on book profits, which continues to apply during the Section 80-IAC holiday
15%
Source: Section 115JB, Income-tax Act 1961
End of the nine-month window for completing in-flight merchant banker valuation assignments
2 October 2026
Source: SEBI (Merchant Bankers) (Amendment) Regulations 2025, notification SEBI/LAD-NRO/GN/2025/282 dated 3 December 2025
Date from which Section 56(2)(viib) ceased to apply
1 April 2025
Source: Finance Act 2024
Inter-Ministerial Board review period for a complete Section 80-IAC application
120 days
Source: Revised DPIIT framework
Our own observations
These come from filings we prepared and submitted. They are not official figures, and published service standards differ. Please quote them as our observation, with the period, and never as an official statistic.
Typical DPIIT approval time for a straightforward application
7–14 days
Lekha Advisory filing experience, August 2026 Observed across DPIIT applications filed by Lekha. Published government SLAs are shorter than this; this figure reflects actual turnaround.
DPIIT approval time where the innovation narrative is queried or eligibility is borderline
2–8 weeks
Lekha Advisory filing experience, August 2026 Observed across DPIIT applications filed by Lekha.
Fuller figures, with sample sizes, are on the compliance benchmark. We withhold any metric with fewer than 12 observations rather than publish a number a single unusual case could move.
Suggested wording
For a regulatory figure
“Under DPIIT notification G.S.R. 108(E) of 4 February 2026, the turnover ceiling for startup recognition is ₹200 crore, or ₹300 crore for Deep Tech startups (Lekha Advisory).”
For one of our observations
“Straightforward DPIIT applications are approved in 7–14 days, according to filing data from Lekha Advisory — longer than the published service standard.”
Primary instruments
The instruments underlying our published positions.
- DPIIT Notification G.S.R. 108(E) dated 4 February 2026 — Replaced G.S.R. 127(E) of 19 February 2019. Raised the turnover ceiling to ₹200 crore (₹300 crore for Deep Tech), introduced a Deep Tech category with a 20-year recognition window, and added Cooperative Societies to the eligible entity types.
- Finance Act 2024 — omission of Section 56(2)(viib) — Abolished Angel Tax for all classes of investor, resident and non-resident. The Income-tax Act 2025 did not reintroduce an equivalent. Not retrospective — earlier assessment years remain open.
- SEBI (Merchant Bankers) (Amendment) Regulations 2025, notification SEBI/LAD-NRO/GN/2025/282 dated 3 December 2025 — Restricted fresh valuation engagements to merchant bankers holding registration for valuation-related activities from 2 January 2026, with in-flight assignments completable within nine months (approximately 2 October 2026).
- Income-tax Act 2025 — Renumbers provisions without changing substance: Section 80-IAC becomes Section 140, Section 192 becomes Section 392, Rule 3(9)(ii) becomes Rule 15 of the Income-tax Rules 2026, and Form 16 becomes Form 130.
- Companies Act 2013 s.62(1)(c) with Rule 13(1); Rule 16(1)(c); Rule 8, Companies (Share Capital and Debentures) Rules 2014 — Requires a valuation report from an IBBI Registered Valuer for preferential allotment, ESOP trust funding, and sweat equity.