BUSINESS
Petrol, diesel price revision on hold for 3rd consecutive day
The oil marketing companies (OMCs) on Wednesday kept pump prices of auto fuels petrol and diesel unchanged, the third consecutive day of no revision, and decided to wait and watch the global oil situation before making further changes.
Raj govt imposes Rs 27 lakh fine on Vodafone in data leak case
Officials told IANS that this was the first case filed under the Act, and it is for the first time when action has been taken by an adjudicating officer who instructed the telecom player to pay the penalty amount to the victim within the stipulated time otherwise interest will be levied.
Global cues, profit booking subdue stock market, Sensex ends flat
The domestic market declined from the record high levels due to profit booking post the recent bull run and weak global cues, analysts said. Earlier in the day, the BSE Sensex touched its record high of 58,553.07 and the Nifty50 hit its fresh high of 17,436.50 points. Heavy selling pressure was witnessed in IT and oil and gas stocks.
Large cap stocks gain flavour, outperform mid/small caps in August
It was the first time this year that large cap stocks outperformed both mid and small cap scrips, which were largely dominating the bull run amid the pandemic. Data from Motilal Oswal Financial Services showed that 40 out of the 50 Nifty companies posted gains in August 2021. The data said that Bajaj twins -- Bajaj Finance and Bajaj Finserv -- outperformed during the month, while defencive stocks made a comeback.
Harassed by Vi customer care, received threat call: Sanjeev Sanyal
"Two months, shifted from @ViCustomerCare to another provider. Have paid all outstandings but am hounded daily for random new charges. This is harassment & I intent to take this up with @TRAI and Telecom Ministry. Is this common? Is it only with Voda-Idea or a general problem," he asked in a tweet.
Cabinet likely to consider relief package for stressed telecom sector
The government has been in talks with several stakeholders, including banks, for a package for the sector as Vodafone Idea is in a beleaguered state with heavy losses and high debt and concerns have been raised over a possible duopoly in India telecom sector if it shuts. Further, it is also the most impacted telco due to the AGR claims of the government.
CBDT eases rules on e-record authentication in faceless assessment proceedings
With this change, submission of electronic record by taxpayers by logging into registered account in designated portal of the Income Tax Department will be considered authenticated by EVC for the purposes of section 144B(7)(i)(b) of the Income Tax Act, 1961. However, under the existing provisions, this simplified process of authentication by EVC is not available to certain persons.
Govt mulls centralised AAR system to prevent contradictory rulings
Sources said that though the plan is to replace the AARs with a BAR (Board for Advance Ruling) located at the central level with operational centres in Delhi and Mumbai, the state-level AAR mechanism may continue for some time with the BAR coming into play in matters where contradictory orders on applicability and quantum of tax have been given on same or similar items.
CBDT allows taxpayers another opportunity to file application for tax settlement
It has been decided that such application can now be filed before the Interim Board for Settlement by taxpayers who have a pending case where filings could not be made earlier. The CBDT has decided that relief will only be applicable to taxpayers who were eligible to file application for settlement on January 31, 2021 for the assessment years for which the application is sought to be filed .
Cairn to accept $1bn refund for withdrawing arbitration cases against India
Simon Thomson, Chief Executive, Cairn Energy PLC said: "Progress in resolving our Indian tax issue and active portfolio management leave Cairn well-positioned to deliver growth from a sustainable business, focused on generating further value and returns for shareholders."
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