Which of the statements given below are correct

Solution

● Statement 1 is correct: As per the definition of the Ministry of Commerce and Industry, a start up is an entity which has been incorporated within a decade or is in operation for less than 10 years. Such an entity has annual turnover of less than Rs. 100 crore in any financial year since its inception. ● Statement 2 is correct: Reserve Bank of India has included Startup in the ambit of the Priority Sector Lending. Under the Reserve Bank of India guidelines, loans of as much as ₹50 crore to startups, as defined by the commerce ministry, will be considered priority sector credit. ● Statement 3 is incorrect: The startups are eligible for tax holidays for a period of three financial years consecutively out of the 10 years since its inception.