Tax sleuths raid firm's premises in Mumbai, Nagpur, and Rajkot; USV denies violation of any regulations
The income tax department raid on drug maker USV India on costs of paying off doctors to prescribe its drugs has placed the spotlight on government norms on moral advertising practices and tax rules.
The times of India stated on Tuesday that the Income tax Return department had unearthed a nexus among the pharmaceutical company and medical doctors and had raided USV's premises in Mumbai, Nagpur, and Rajkot. USV confirmed the raid however denied violation of any guidelines.
Pharmaceutical industry executives expressed surprise over I-T raids on a drug maker, while some professionals said the problem will be purely tax-related — regarding the remedy of expenses for tax calculation. Deviating from its earlier stance, the income Tax Appellate Tribunal had in January allowed drug company PHL Pharma to claim a deduction on charges of Rs 23 crore, attributable to travel and accommodation for seminars and subscription of journals for medical doctors, among other things.
The income tax filing departmental action, but, has brought to the fore a draft policy to curb freebies and payments to doctors. A mandatory code for pharmaceutical marketing practices has been putting fire for the past numerous months. The department of pharmaceuticals' plan to introduce the code under the essential Commodities Act has faced competition from the law ministry and the industry.
The draft code proposed with the aid of the government goals to regulate unethical marketing practices and prohibits pharmaceutical agencies from giving presents, cash, and other benefits to doctors. in addition, under the code, companies are barred from extending hospitality, like hotel, or arranging trips for docs. The draft proposes consequences and revocation of product approvals in.... Read Full Article
The income tax filing departmental action, but, has brought to the fore a draft policy to curb freebies and payments to doctors. A mandatory code for pharmaceutical marketing practices has been putting fire for the past numerous months. The department of pharmaceuticals' plan to introduce the code under the essential Commodities Act has faced competition from the law ministry and the industry.
The draft code proposed with the aid of the government goals to regulate unethical marketing practices and prohibits pharmaceutical agencies from giving presents, cash, and other benefits to doctors. in addition, under the code, companies are barred from extending hospitality, like hotel, or arranging trips for docs. The draft proposes consequences and revocation of product approvals in.... Read Full Article
No comments:
Post a Comment