BUSINESS
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."
Average 9.4% salary hike expected in Indian firms in 2022: Survey
The survey found that Indian companies increased salaries by 8.8 per cent on average in 2021. "The 2022 projection of an average 9.4 per cent salary increase is a sign of strong economic recovery and improved consumer sentiment," an Aon statement said. High double-digit attrition is the strongest witnessed in more than a decade. The war for talent is back in India, which is likely keep salary increases high.
Retail vehicle sales in Aug rose 14%, CV sales up 98%
Total retail vehicle sales for last month stood at 13,84,711, against 12,09,550 in August 2020, according to the data released by the Federation of Automobile Dealers Associations (FADA) on Tuesday. The data, however, showed that sales were lower by 14.75 per cent when compared to August 2019, a pre-covid month.
Sensex pares losses to hit new high; HDFC, RIL shares rise
BSE Sensex hit a record high of 58,553.07 points, and the Nifty50 on the National Stock Exchange recorded a fresh high of 17,436.50 points. Rise in the shares of index-heavyweights HDFC and Reliance Industries lifted the indices. Around 1.45 p.m., shares of HDFC on the BSE were trading at Rs 2,833.85, higher by Rs 68.70 or 2.48 per cent from its previous close.
Dish TV shares surge despite Yes Bank's demand to remove its directors
The bank which holds 25.63 per cent stake in the company lender had sent a special notice dated September 3, 2021, to Dish TV, demanding the removal of directors under Section 169 of the Companies Act, 2013. Around 12 noon, shares of Dish TV India on the BSE stood at Rs 15.31, higher by Rs 1.53 or 11.10 per cent from its previous close.
Tesla could get over $1bn in govt funding for battery factory: Report
After announcing plans to build a large electric vehicle factory in Berlin, Tesla confirmed that the project will also include a large battery cell factory, reports Electric. It would likely become Tesla's first in-house volume production of battery cells, the report said. Around the same time that Tesla made the announcement, the German government announced plans to invest billions of dollars in encouraging local battery cell production to support local electric vehicle manufacturing.
El Salvador 1st country to adopt Bitcoin as official currency
The central American nation announced that it plans to buy "a lot more" bitcoins soon. It purchased 200 tokens earlier and another 200 more recently, ahead of its rollout as a legal tender. Ahead of the deadline to make bitcoin El Salvador's official currency, President Nayib Bukele tweeted that the government has about a large sum of the cryptocurrency.
No revision in petrol, diesel prices for 2nd consecutive day
Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer. In Mumbai, the petrol price was stable at Rs 107.26 per litre on Tuesday while diesel rates also remained unchanged at Rs 96.19 a litre. Across the country as well the petrol and diesel prices remained static on Tuesday, but their retail rates varied depending on the level of local taxes in a particular state.
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