(16)For the purposes of this section,––(a)"eligible business" means a business carried out by an eligible start-up engaged in innovation, development or improvement of products or processes or services or a scalable business model with a high potential of employment generation or wealth creation;(b)"eligible start-up" means a company or a limited liability partnership engaged in eligible business which fulfils the following conditions:—(i)it is incorporated on or after the 1st April, 2016 but before the 1st April, 2030;(ii)the total turnover of its business does not exceed one hundred crore rupees in the tax year relevant to the tax year for which deduction under sub-section (1) is claimed; and(iii)it holds a certificate of eligible business from the Inter-Ministerial Board of Certification as may be notified by the Central Government;(c)"limited liability partnership" means a partnership referred to in section 2(1)(n) of the Limited Liability Partnership Act, 2008.
