« Top Headlines » Open DEMAT Account in 24 hrs  ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal  GST Rule Changes for FY 2025 26  Income tax return filing 2025: Five ITR mistakes that can trigger an income tax notice in 2025  ITR filing What is updated income tax return and ITR U Who can file & what you can t change - top points to know  Shifted to new tax regime? Here are 5 investments you shouldn't drop  Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects. «  Restore standard deduction to the salaried... `Where expensive is often more cost-efficient than cheap'... » New law for SMEs from Oct 2 September, 30th 2006 The new law for the small and medium enterprises will come into force on October 2, the Government announced on Friday. The Micro, Small & Medium Enterprises Development Act 2006 envisages dispensing the two-stage registration process of micro and small enterprises. The legal provisions to check delayed payments to these enterprises has been strengthened with the payment period for buyers reduced to 45 days, and the rate of interest on outstanding amount increased to three times the prevailing bank rate of RBI, compounded on monthly basis. Announcing the date here, Mr Anupam Dasgupta, Secretary, Ministry of Small-Scale Industries, said, "A promotional package for these enterprises will be announced next month after approval by the Cabinet Committee on Economic Affairs". Under the new law, the State Governments will be asked to constitute facilitation councils for micro and small enterprises, and no appeal against the order of the council will be entertained by any court without deposit of 75 per cent of the decreed amount payable by the buyer.