(4)The provisions of sub-section (5) and sub-sections (7) to (11) of section 80-IA shall apply to the start-ups for the purpose of allowing deductions under sub-section (1).Explanation. - For the purposes of this section, -(i)[ "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;](ii)"eligible start-up" means a company or a limited liability partnership engaged in eligible business which fulfils the following conditions, namely: -(a)it is incorporated on or after the 1st day of April, 2016 but before the 1st day of April, [2023] [Substituted '2019' by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.];(b)the total turnover of its business does not exceed [one hundred] crore rupees [in the previous year relevant to the assessment year for which deduction under sub-section (1) is claimed]; [Substituted 'in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021' by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.] and(c)it holds a certificate of eligible business from the Inter-Ministerial Board of Certification as notified in the Official Gazette by the Central Government;(iii)"limited liability partnership" means a partnership referred to in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009).]
