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In another major reform in the Income Tax (I-T) department, the Central Board of Direct Taxes (CBDT) on Friday launched faceless income tax appeals where all future appeals in tax dispute cases will be resolved only through e-mails, e-inquiries or e-hearings.

Snapping its six-day losing streak, equity indices finished higher on Friday with the benchmark BSE sensex rising over 800 points led by gains in IT, auto and banking stocks. The 30-share BSE index surged 835 points or 2.28 per cent to close at 37,388.66; while the broader NSE Nifty settled 245 points or 2.26 per … Continue reading Markets stage comeback, sensex climbs 835 points

Spain’s MasMovil and its new private equity owners said they had not been in contact with Vodafone after a newspaper reported the London-based company had started talks about buying the mobile operator.

Health insurers could rack up Covid-related claims of over Rs 10,000 crore during the current fiscal if trends continue according to an analysis by ICICI Securities. As per data, Covid claims have risen to Rs 2,658 crore by end of August from Rs 176 crore in June. General insurers collected Rs 51,637 crore by way … Continue reading Covid claims may touch $1.4bn in 2020: ICICI Securities

Bank credit grew 5.26 per cent to Rs 102.24 lakh crore while deposits rose 11.98 per cent to Rs 142.48 lakh crore in the fortnight ended September 11, according to RBI data. In the fortnight ended Sept 13, 2019, bank credit was at Rs 97.13 lakh crore and deposits at Rs 127.22 lakh crore. In … Continue reading Bank credit up 5.26%, deposits by 11.98%: RBI data

Vodafone Group Plc has won an international arbitration case against the Indian government in a $2 billion retrospective tax dispute, sources said. The tribunal ruled that the Indian govt’s imposition of a tax liability on Vodafone is in breach of the investment treaty between India and the Netherlands. Earlier this month, the Supreme Court gave … Continue reading $2bn dispute: Voda wins arbitration against India

Tata Projects, Adani Group, Larsen & Toubro, and GMR Group were among 43 prospective bidders who attended a pre-bid meeting on Friday for the redevelopment of Chhatrapati Shivaji Maharaj Terminus (CSMT) of the railways in Mumbai, a UNESCO World Heritage site.

Reliance Jio on Friday said its customers will be able to access mobile services during international flights after the aircraft reaches a height of 20,000 feet. Jio has become the first Indian mobile operator to have started in-flight voice calls, SMS and data services.

Equity market investors became richer by Rs 3,52,020.53 crore on Friday as benchmark indices made a strong comeback after falling for almost a week. Snapping its six-day falling streak, the BSE benchmark index jumped 835.06 points or 2.28 per cent to close at 37,388.66.

The country’s foreign exchange reserves increased by $3.378 billion to touch a lifetime high of $545.038 billion in the week ended September 18, RBI data showed. In the previous week ended September 11, the reserves had declined by $353 million to $541.660 billion.

India’s economy may experience a record contraction in the current financial year mainly due to the global Covid-19 pandemic, and the real GDP growth is expected to recover from next fiscal onwards, according to a report by global rating agency S&P. The weak fiscal settings will worsen further this year, constraining the government’s ability to … Continue reading ‘Economy to see record contraction in 2020-21’

The government on Friday said it will consider all options, including legal remedies, with regard to Vodafone arbitration case which went in the company’s favour. British telecom giant Vodafone Group plc won the arbitration case against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.

Covid-19 has altered the travel industry “irreversibly”, with 60% of Airbnb’s business now coming from outside of the cities, said co-founder Brian Chesky. “There is a general shift in consumer taste, at least right now, which is…shifting away from things that are really big, mass and industrial to things that are smaller, more intimate and … Continue reading 60% of biz from outside of cities, says Airbnb CEO

The food delivery industry is recovering at a fast pace with the sector recording gross merchandise levels that are 85% of pre-Covid, up from 75% in August, Zomato said in a blog post. The recovery is being led by the metros, with Delhi and Mumbai at 95% of pre-Covid level, and Bengaluru and Chennai at … Continue reading Food delivery nearly back to pre-Covid level: Zomato

Analysts say that the Covid-hit industry is banking heavily on new models to steer out of the slowdown as pressure on economy, job losses and salary cuts have broadly kept buyers nervous.

For over four years the government has been maintaining that it was drafting a mandatory code on ethical marketing of pharmaceuticals with penal provisions since the voluntary code had not worked. But it has now admitted in Parliament that it has no intention of making the code mandatory.

The National High-Speed Rail Corporation (NHSRCL) on Wednesday opened the bids for first tender entailing an investment of around Rs 20,000 crore for construction work for the Ahmedabad-Mumbai bullet train project. All the bidders for this 237 km length of the mainline falling in Gujarat are Indian companies.

Saudi Arabia has partially relaxed its suspension order for travel to and from India. It has allowed schedule flights to fly passengers to India. However, the temporary suspension on passengers going from India to Saudi continues. This is a partial relaxation from an earlier order that suspended all travel to and from corona outbreak hotspots … Continue reading AI Express to fly passengers from Saudi to India

Airlines are now free to implement their own check-in baggage policies. When domestic flights were allowed on May 25 after a two-month lockdown suspension, the aviation ministry had asked airlines to allow one check-in bag of up to 20 kg per passenger.