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I-T dept asks taxmen to accept applications till Sep 30 for settlement before Interim Board

The Income Tax department has issued an order asking taxmen to accept till September 30, applications for settlement of pending tax cases. The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 to provide that the Income-tax Settlement Commission (ITSC) shall cease to operate from February 1, 2021. Further, it has also been provided that no application for settlement can be filed on or after February 1, which was the date on which the Finance Bill, 2021 was laid before the Lok Sabha. In order…

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Existing foreign trade policy to be extended till March next: Goyal

Commerce and Industry Minister Piyush Goyal on Monday said the existing foreign trade policy (FTP) will be extended for six months till March 31 next year. The government had earlier extended the FTP 2015-20 until September 30 this year due to the Covid-19 crisis. The FTP provides guidelines for enhancing exports to push economic growth and create jobs. “We are notifying it today evening or tomorrow…We have decided to extend the policy (2015-20) until March 31 (2022)…and in the (new) financial year, we can start with the new policy,” he…

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Centre to soon announce new cooperative policy: Amit Shah

Asserting that cooperatives will also play a crucial role in making India a USD 5 trillion economy, Union Cooperation Minister Amit Shah on Saturday said the Centre will soon come out with a new cooperative policy and work in tandem with states to strengthen the cooperative movement. Shah, who is also the Union Home Minister, also announced that the number of primary agriculture cooperative societies (PACs) will be increased to 3 lakh in the next five years. At present, there are about active 65,000 PACs. Further, the government is working…

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Sensex hits 60K in just eight months after scaling 50K in Jan

It took just eight months for the BSE benchmark Sensex to cover the journey from 50,000 in January this year to scale the unprecedented 60,000 mark for the first time on Friday. The strong bull rally on the Dalal Street has seen the benchmark index rising 10,000 points after hitting the 50,000 mark in intra-day trade on January 21, 2021. “The roaring bull market is continued in the Indian market with climbing all walls of worries where Sensex has crossed the new milestone of 60,000. We are in a classical…

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Petrol prices not coming down as states don’t want it under GST: Puri

Petrol prices in the country are not coming down as the states do not want to bring fuel under the ambit of the GST, Petroleum Minister Hardeep Singh Puri said. In an interview to PTI here, Puri said petrol prices crossed the Rs 100-mark in West Bengal as the TMC government is levying heavy taxes. “If your question is do you want the petrol prices to come down then the answer is yes. Now, if your question is why the petrol prices are not coming down, then the answer is…

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Axis Bank commits Rs 30,000 cr till FY26 towards sustainable lending

The country’s third largest private sector lender Axis Bank has committed Rs 30,000 crore lending till fiscal year 2025-26 under its sustainable financing framework, a senior official said. These commitments are in line with the Sustainable Development Goals (SDGs), supporting India’s commitments under the Paris Agreement. “As part of its commitments, the bank has set a target of incremental lending of Rs 30,000 crore over the next 5 years, under wholesale banking towards pertinent sectors included in its Sustainable Financing Framework (SFF),” Rajesh Dahiya, Executive Director (Corporate Centre), Axis Bank…

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Chinese cos haven’t invested in India’s highway projs in recent times: Gadkari

Union minister Nitin Gadkari has said that Chinese companies have not made investments in highway projects in India in recent times. Amid the border standoff with China, Gadkari, in July 2020, had said that India will not allow Chinese companies to participate in highway projects, including those through joint ventures. To a query by PTI on whether Chinese companies have invested in India’s highway projects in the recent times, Gadkari replied in the negative. However, he did not elaborate on the issue. In a recent interview with PTI, Union Road…

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Sensex tumbles over 350 pts in early trade; Nifty drops below 17,500

Equity benchmark Sensex slumped over 350 points in early trade on Monday, tracking losses in index majors Tata Steel, HDFC twins and ICICI Bank amid thin trade in global markets. The 30-share Sensex was trading 355.27 points or 0.60 per cent lower at 58,660.62. Similarly, Nifty fell 108.50 points or 0.62 per cent to 17,476.65 in initial deals. Tata Steel was the top loser in the Sensex pack, sinking nearly 6 per cent, followed by Bajaj Auto, M&M, HDFC, PowerGrid and Maruti. On the other hand, Tech Mahindra, HUL, HCL…

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Electrical equipment mkt may grow at 12 pc annually to reach USD 72 bn by 2025

Domestic electrical equipment market is expected to grow at an annual rate of 12 per cent to reach USD 72 billion by 2025, an industry executive said. At present, total worth of India’s electrical equipment market stands in the range of USD 48-50 billion, Anil Saboo, the President of the Indian Electrical & Electronics Manufacturers’ Association (IEEMA) said. “We are at USD 48-50 billion and shall grow at a CAGR of 11 to 12 per cent. So, by 2025 it shall be around USD 72 billion,” he told PTI. Value…

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China applies to join Pacific trade pact abandoned by Trump

China has applied to join an 11-nation Asia-Pacific free trade group in an effort to increase its influence over international policies. Commerce Minister Wang Wentao submitted an application to the trade minister of New Zealand as a representative of the Comprehensive and Progress Agreement for Trans-Pacific Partnership, the Commerce Ministry announced Thursday. The CPTPP originally was the Trans-Pacific Partnership, a group promoted by then-President Barack Obama as part of Washington’s increased emphasis on relations with Asia. China was not included in the initial group and Obama’s successor, Donald Trump, pulled…

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