Tax is an important revenue stream for the government that is integral to the functioning of the economy. The purpose of taxation is for the government to obtain funds so that it can spend on providing the required infrastructure, public services, and welfare projects for the development of the country.The government of India has been revolutionary in its reforms and has supported many emerging industries by providing tax concessions and favorable policies. With over 61,000 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), India has emerged to be the third-largest startup ecosystem in the world.
