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<keyword id="20190045" type="General" weightage="20" keywordseo="Industry-body" source="keywords">Industry body</keyword> <keyword id="21568150" type="General" weightage="20" keywordseo="SME-Chamber-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="SME Chamber of India" meta.hostid="261" meta.entityid="SME Chamber of India">SME Chamber of India</keyword> has urged <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to continue the 45-day <keyword id="21233021" type="General" weightage="100" keywordseo="MSME-payment-rule" source="keywords">MSME payment rule</keyword> for <keyword id="20008810" type="General" weightage="20" keywordseo="corporates" source="keywords">corporates</keyword> and other buyers. According to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword>, introduced through the <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman. The industry body argued that this provision serves as a powerful incentive for companies to adhere to payment timelines, thereby supporting the financial health of MSMEs. "Many MSMEs are NPA victims of corporates, who are buying from them and not dealing through the TReDs platform. Most of the corporates and multinational companies are forcefully insisting to deregister from the Udyam Portal and insisting not to deal through the TReDs platform," SME Chamber stated. The industry body also urged the finance minister to consider providing Rs 5 crore loans under the "Differential Rate of Interest" scheme for micro and <keyword id="20569966" type="General" weightage="20" keywordseo="small-enterprises" source="keywords">small enterprises</keyword>. It suggested changing the NPA definition from 90 days to 180 days for the MSME sector. The chamber also sought the setting up of a task force to review various issues, hurdles, grievances and difficulties faced by MSMEs for availing credit facilities and the lack of approach by the financial institutions towards enhancement of credit flow to the MSME sector.

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

The government has waived the requirement for clinical trials of certain categories of drugs in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> if they are approved in the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword>, the <keyword id="19922618" type="General" weightage="20" keywordseo="UK" source="keywords">UK</keyword>, Japan, Australia, Canada and the European Union. The waiver only covers five categories -- orphan drugs for rare diseases, gene and cellular therapy products, <keyword id="22559447" type="General" weightage="20" keywordseo="new-drugs" source="keywords">new drugs</keyword> used in pandemic situations, new drugs used for special defence purposes and new drugs having significant therapeutic advances over the current standard care. This waiver would ensure expeditious availability of the latest medicines for treating diseases like cancers, rare diseases like Spinal Muscular Atrophy (SMA) and Duchenne Muscular Dystrophy (DMA), and autoimmune conditions in India. "As per Rule 101 of New Drugs and Clinical Trials Rules, 2019, the Central Licensing Authority, with the approval of the Central Government, may specify, by an order, the name of the countries, from time to time, for considering waiver of local clinical trial for approval of new drugs under Chapter X and for grant of permission for conduct of clinical trial under Chapter V of the said rules," the Drugs Controller General of India (<keyword id="20559042" type="General" weightage="20" keywordseo="DGCI" source="keywords">DGCI</keyword>) said in an order issued on August 7. "In exercise of the powers conferred under Rule 101 of the said rules with the approval of the Central Government, the countries namely USA, UK, Japan, Australia, Canada and EU are hereby specified for following categories of new drugs," it said. Presently, several medicines already approved by other regulatory authorities in the US, the UK and the EU are not immediately available for Indian patients because of certain regulatory requirements under the Drugs and Cosmetics Act and rules made thereunder. These include the requirement of conducting a local clinical trial and generating safety and efficacy data before marketing authorisation in India, an official explained. However, Rule 101 of the New Drugs and Clinical Trials, 2019, allows the DCGI to specify certain countries for considering waiver of local clinical trials for approval of new drugs. "The advantages of operationalising this rule are that the latest medicines to treat diseases like cancers, rare diseases like SMA and DMA, and autoimmune conditions will become available expeditiously in India. "Presently, the delay in launching a new or novel medicine in India is anywhere between 5-20 years when compared to western markets. With the waiver of Rule 101, the scope of parallel launches of medicines in India along with the West will be opened up," the official explained. Besides, there will be a considerable reduction in the cost of various advanced medicines. Also, there will be a substantial reduction in the public procurement costs of the central and state governments under various schemes like the Central Government Health Scheme (CGHS) and Ayushman Bharat. Another advantage is that the resources which would have gone into approving the Indian clinical trials could now be utilised productively elsewhere, the official said. The costs of conducting local clinical trials will be reduced for pharmaceutical firms, therefore passing on these savings to patients. This is especially true for cases of rare diseases where firms have logistical difficulties in finding participants. The change will promote further research in these areas as there will be access to patient data in the Indian context much earlier, ultimately promoting indigenous innovation and shift from volume to value, the government's mission for the pharmaceutical industry, the official said. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Govt waives clinical trial requirement for several drugs approved in select countries

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

Senior pacer <keyword id="19895336" type="General" weightage="20" keywordseo="mohammed-shami" source="keywords">Mohammed Shami</keyword> has been ruled out of next month's <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>n Premier League owing to a left ankle injury, for which he will undergo a surgery in the UK, a BCCI source told PTI on Thursday. The 33-year-old, who is not part of the ongoing Test series against England, last played for India in the ODI World Cup final against Australia in November. "<keyword id="19929077" type="General" weightage="20" keywordseo="shami" source="keywords">Shami</keyword> was in London in last week of January to take special ankle injections and he was told that after three weeks, he can start light running and take it from thereon. "But the injection hasn't worked and now the only option left is surgery. He will shortly leave for UK for surgery. IPL seems out of question," a senior BCCI source said on the condition of anonymity. Shami, who was one of the architects of India's stupendous World Cup campaign with 24 wickets, played through pain as he had problems with his landing but didn't let it affect his performance. Shami, who was recently conferred with the Arjuna Award, has 229 Test, 195 ODI and 24 T20 wickets in his decade-long career. The development raises a question mark about the injury rehabilitation management programme planned by the National Cricket Academy (<keyword id="19901707" type="General" weightage="20" keywordseo="nca" source="keywords">NCA</keyword>) for Shami. Now it is highly unlikely that the pace bowling artist would be able to make a comeback before India's Test matches at home against Bangladesh and New Zealand (October November). His target could be the marquee away series against Australia. People in the know of things believe that the NCA's conservative line of thinking has not worked in Shami's case. "Shami should have gone directly for surgery and that should have been NCA's call. Just two months of rest and injections wouldn't have worked well and that's what has happened. He is an asset and the Indian team would need him in Australia," the source said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank">Indian PC market down by 6.6% in 2023, HP leads the market while Acer gains</a><a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank">iQOO Neo 9 Pro with Snapdragon 8 Gen 2 launched in India, will take on the OnePlus 12R</a><a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank">From usernames to secret codes for locked chats, here are the upcoming WhatsApp features</a>

Mohammed Shami ruled out of IPL, to undergo ankle surgery

<keyword id="20593546" type="General" weightage="20" keywordseo="BCCI-Secretary" source="keywords">BCCI Secretary</keyword> <keyword id="19930802" type="General" weightage="20" keywordseo="Jay-Shah" source="keywords">Jay Shah</keyword> says the 'Impact Player' rule, which has divided opinions in the ongoing IPL, can be revisited if that's what the stakeholders want given that it was introduced as a "test case". The impact player rule has had a heavy bearing on the ongoing edition with teams crossing 250-run mark as many as eight times so far. Players, coaches as well as experts have pointed out the challenges which the impact player rule poses to the bowlers, saying that it allows teams to have extended batting line-ups. India captain <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword> has stated that the rule hurts all-rounders as they are not getting enough bowling opportunities. "Impact player rule was brought in as a test case. On the bright side, it is providing additional playing opportunities to two <keyword id="20619603" type="General" weightage="20" keywordseo="Indian-players" source="keywords">Indian players</keyword>," he said in an interaction with select media at the BCCI office here on Thursday. "Isn't it important that two Indian players are getting a chance? The game is also becoming more competitive," he added. Shah said all stakeholders will sit down in a meeting likely to be held after the <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> to decide on it. "But still, if the players feel that this is not alright we will speak on it. However, no one has said anything about it yet. After the IPL and the World Cup, we will have a meeting and decide," he said. "After the World Cup, we will consult with players, franchise and broadcasters and decide about the future course. It's not a permanent rule nor am I saying we will move past it," he added. Shah said India's T20 World Cup-bound players for the Caribbean and the USA, who are currently busy with the IPL, need no rest as competition is perfect preparation ahead of the mega event. "Why do you want to rest players? This is (as good as a) practice session, you cannot get any better opportunity (to prepare) than this," Shah said. "There is a cosmopolitan team in front of you, one team has a bowler from New Zealand, the other has a bowler from Australia and the next one has a bowler from Sri Lanka," he added. Shah said IPL is the best way to prepare for the Indian players as a Jasprit Bumrah gets a chance to gauge a marauding batter like Travis Head well ahead of the World Cup. "If we rest a bowler he won't get a chance to bowl at Travis Head. When (Jasprit) Bumrah will bowl to Travis Head, he will understand where to bowl to him and how. There is no better opportunity," he said. Focussing on women's cricket" Shah said the focus has also been on improving women's cricket by adding more fixtures to their calendar. "Women's cricket is going on full fledged and it is being managed no less than men's cricket. There is a World Cup in Bangladesh so we have maintained our bilateral relationship and played a series," Shah said. "We have put our focus 51 per cent on women's cricket and 49 per cent on men's because we are doing good in men's cricket so we are taking women's cricket on priority (basis). Their match fees has also increased so they have income as well," he added. However, Shah said there is no possibility of an increase in the number of teams for the Women's Premier League. "Let it be five teams for now. The media and sponsorship rights are set for five years and adding more teams will only create issues for them. The franchises have to sustain as well," he said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a><a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-can-rcb-still-qualify-probabilities-of-ipl-teams-qualifying-for-the-playoffs/slidelist/109984180.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-can-rcb-still-qualify-probabilities-of-ipl-teams-qualifying-for-the-playoffs/slidelist/109984180.cms" target="_blank">IPL decoded: Can RCB still qualify? Probabilities of IPL teams qualifying for the playoffs</a><a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank">2024 Maruti Suzuki Swift launched in India starting at ₹6.49 lakh</a>

IPL's impact player rule implemented as test case, can be revisited: Jay Shah

Global technology brand <keyword id="20047445" type="General" weightage="20" keywordseo="lenovo" source="keywords">Lenovo</keyword> on Tuesday launched the new lineup of Legion gaming laptops in India, with <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">Artificial Intelligence</keyword> (AI) and next-gen features. The new lineup includes -- Legion Pro 7i, Legion Pro 5i, Legion 7i, and Legion 5i laptops. The latest series starts from Rs 129,990, and it can be purchased from Lenovo.com, Lenovo Exclusive Stores, leading e-commerce websites, and other offline retail stores. "Our devices integrate cutting-edge technologies with the power of AI, tailored for gaming and content creation. Our Legion devices provide diverse options to meet the evolving needs of gamers, offering trendy designs, flexible hardware choices, and feature-rich displays," <keyword id="21013009" type="General" weightage="20" keywordseo="ashish-sikka" source="keywords">Ashish Sikka</keyword>, Director and Category Head, <keyword id="20865482" type="General" weightage="20" keywordseo="lenovo-india" source="keywords">Lenovo India</keyword>, said in a statement. These latest gaming machines come powered by up to 14th Gen Intel Core processors and up to Nvidia RTX 4090 graphic cards. According to the company, Legion Pro 7i and Legion Pro 5i feature advanced components like an extra-wide vapour chamber, liquid metal infusion with AI-driven power management, and Legion ColdFront for Esports level performance for a competitive gaming advantage. In addition, the company said that Legion 7i and Legion 5i come loaded with PureSight display and <keyword id="21013010" type="General" weightage="20" keywordseo="truestrike" source="keywords">TrueStrike</keyword> keyboards to improve gaming, designing, and content creation. With the latest Legion laptops, gamers can avail of a free 3-month subscription to Xbox Game Pass Ultimate. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/mobile-number-portability-revamped-to-reduce-sim-swap-frauds-here-are-the-new-rules/articleshow/108613683.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/mobile-number-portability-revamped-to-reduce-sim-swap-frauds-here-are-the-new-rules/articleshow/108613683.cms" target="_blank">Mobile Number Portability revamped to reduce SIM swap frauds – Here are the new rules</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-pro-with-dimensity-7050-5000mah-battery-launched-in-india/articleshow/108610768.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-narzo-70-pro-with-dimensity-7050-5000mah-battery-launched-in-india/articleshow/108610768.cms" target="_blank">Realme Narzo 70 Pro with Dimensity 7050, 5,000mAh battery launched in India</a><a href="https://www.businessinsider.in/tech/mobile/webstories/poco-x6-neo-5g-vs-redmi-note-13-5g-which-phone-should-you-buy-under-20000/slidelist/108586427.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-x6-neo-5g-vs-redmi-note-13-5g-which-phone-should-you-buy-under-20000/slidelist/108586427.cms" target="_blank">Poco X6 Neo 5G vs Redmi Note 13 5G – Which phone should you buy under ₹20,000?</a>

You Searched For "india new IT rules" and got 6 results

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

PTI

Govt waives clinical trial requirement for several drugs approved in select countries

PTI

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

BI India Bureau

Mohammed Shami ruled out of IPL, to undergo ankle surgery

PTI

IPL's impact player rule implemented as test case, can be revisited: Jay Shah

PTI

Lenovo launches new lineup of gaming laptops with AI features in India

IANS

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