Post getting recognition a Startup may apply for Tax exemption under section 80 IAC of the Income Tax Act. Post getting clearance for Tax exemption, the Startup can avail tax holiday for 3 consecutive financial years out of its first ten years since incorporation.Startups often provide their employees with several benefits to keep their employees satisfied and ensure work satisfaction is at its peak. Common benefits offered by startups include: Free drinks and food at work. Free gym memberships.