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A majority of MSMEs surveyed expressed that excessive regulation over data and digital tools can create constraints for them and deprive them of tech gears necessary for scaling the business and reaching new markets and customers, a report has said. India SME Forum conducted a survey among more than 1,000 MSMEs for insights into the integration of digital tools within their operations, the report said. A majority of respondents said that excessive regulation could create constraints for MSMEs, depriving them of digital tools necessary for scaling their businesses, reaching new markets, and sustaining competitiveness, it said. Digital tools serve as a cost-effective and scalable means to compete with larger enterprises and establish their brands. "Many MSME members have expressed that the current overall regulatory framework for personal data and non-personal data is overly restrictive, creating compliance burdens that hinder their ability to market effectively and engage with ...
Individuals reporting annual total income of over Rs one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22), 1,69,890 individuals have shown total income of above Rs 1 crore. This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22. The number has doubled since AY 2020-21, wherein 81,653 individuals had declared an income of over Rs 1 crore. During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above Rs 1 crore. This includes filings by 66,397 companies, 25,262 firms, 3,059 trusts and 2,068 Association of Persons. In AY 2022-23, the total number of ITR filed stood at over 7.78 crore, higher than nearly 7.14 crore filed in AY 2021-22 and 7.39 crore filed in AY 2020-21. As regards the state-wise filing count for AY .
The Digital Personal Data Protection Bill will also hold the government liable in case of a data breach, a government source said on Saturday. The source said that the bill will only cover aspects around digital data as the Ministry of Electronics and IT's mandate is to deal around digital and cyber space. "The bill is mainly to make those entities accountable that are monetising data. In case of data breach even the government is not exempted," the source said. The draft Digital Personal Data Protection Bill has exempted certain entities notified as data fiduciaries by the government from various compliances, including sharing details for the purpose of data collection. The draft has come up with various provisions to ensure data handling entities collect data with the explicit consent of individuals (or data principals) and use it only for the purpose for which it has been collected. The draft has proposed a penalty of up to Rs 500 crore in case data fiduciaries or entities ...