India’s largest exploration company, Oil and Natural Gas Corporation (ONGC), is in the process of selling stakes of some deep-water blocks to global energy giant Royal Dutch Shell. ONGC owns 56 deep-water blocks at present.
Aimed at widening its revenue base from indirect tax collections, the finance ministry has implemented an amnesty scheme for service tax defaulters to pay their dues without any penalty.
Income Tax department has slapped a fresh Rs. 577-crore tax demand notice on Infosys for 2009-10 assessment year, adding to the tax woes of India's second largest IT firm.
India remains opposed to the European Union’s emission norms for airlines even as European Commission said it may fine Air India and Jet Airways for not sharing emission data. A senior aviation ministry official said that the matter will be taken-up with the commission.
With an assistance of €1 billion from Germany, India will develop green corridors fto link power generated from renewable sources like wind and solar energy into the national grid.
State-owned oil companies have deferred a decision on the revision in petrol prices to end of this month.
Expressing surprise over S&P's threat to downgrade India's credit rating, industry bodies on Friday termed the global agency's affirming its negative outlook on the country as unfortunate and harsh.
Belying expectations, global ratings agency Standard & Poor's on Friday reaffirmed its negative outlook on India and in fact warned it may even downgrade the country's sovereign rating to junk grade if the government failed to check the widening fiscal and current account deficits and kickstart reforms for growth.
Global ratings agency Standard & Poor's (S&P) on Friday said its outlook on India remained negative and there is a one-in-three chance of a downgrade within the next 12 months.
Looking to get back on the 8% growth path within the next couple of years, the government has constituted a group of experts to find out ways to increase flow of funds into the infrastructure sector. Anupama Airy and Mahua Venkatesh report.
Mauritius today said that a new Tax Information Exchange Agreement (TIEA) with India has been negotiated and is ready to be signed, which would help the two countries exchange information on tax matters of the entities doing business in the two countries
Finance minister P Chidambaram did not offer much to the salaried class in his budget but his ministry on Wednesday increased the interest rate on provident fund by 0.25%.
The govt, hit by economic woes and scandals, has bumped into a small window of political opportunity: inflation levels are the lowest since UPA 2 took office; the country is set to avoid drought and industrial activity is trending up. Zia Haq
reports. Trending downwards
Within the next six months, you may be able to drive into your neighbourhood petrol pump to buy another liquified petroleum gas (LPG) or cooking gas cylinder for your kitchen.
Indian economy is expected topick up and grow in the range of 5.5-6.5% in 2013 even though government steps for new investments have been "relatively small in scope", Moody's said today.