²[111A.  (1) Notwithstanding anything contained in this Ordinance, the provisions of this section shall have overriding effect over all other provisions of this Ordinance.

(2) In determining “income from business or profession” of a startup registered under this section, sections 30 and 30B shall not be applicable for growth years.

(3) Where in any growth year, any loss is incurred by a startup registered under this section and the loss cannot be wholly so set off, the amount of the loss not so set off shall be carried forward to the next assessment year and so on for not more than nine successive assessment years.

(4) The rate of minimum tax as provided in sub-section (4) of section 82C for growth years of a startup registered under this section shall be 0.1% (zero point one percent).

(5) Save as provided in section 75, a startup registered under this section shall have no reporting obligation under this Ordinance for growth years if the startup provides permanent access to its system or books to the income tax authority.

(6) A startup, to enjoy the benefit of sandbox, shall be registered with the Board in the manner as required by the Board.

(7) A startup shall not be eligible for registration under this section, if it –

(a) is incorporated prior to first day of July 2017; or

(b) is incorporated between first day of July 2017 and thirtieth day of June 2022 and fails to get registration by the thirtieth day of June 2023; or

(c) is incorporated on or after first day of July 2022 and fails to get registration under this section by thirtieth June of every year following the year of its incorporation.

(8) For the purpose of this section-

(a) “growth years” means-

(i) for the purpose of clause (b) of sub-section (7), a period of three years that starts with first day of July 2023 and ends with the thirtieth day of June 2026.

(ii) for the purpose of clause (c) of sub-section (7), a period of five years that starts with first day of July of the year following the year of incorporation.

(b) “innovation” means the process of creating value by offering novel solution or making a significant improvement to any prevailing solution to any significant problem or a set of problems.

(c) “startup” means a company with annual turnover not exceeding Taka 100 crore in any financial year and that-

(i) is incorporated under কোম্পানী আইন, ১৯৯৪ (১৯৯৪ সনের ১৮ নং আইন); and

(ii) works towards deployment or commercialization of new products, process or service driven by innovation, development and technology or intellectual property; and

(iii) is not a subsidiary of another company holding fifty percent or more of its shares; and

(iv) is not a resulting company of a scheme of amalgamation or demerger.