Business

The individual said he reimbursed his wife after returning to India. (Image for representative purpose only) You incur business expenses on your wife’s credit card and reimburse her. But the tax department raises an objection. This is what happened with a Mumbai-based business man, who then won partial relief from the ITAT.The Income Tax Appellate…

Mumbai: RBI has proposed a new framework under which banks will temporarily freeze only the disputed transaction amount, rather than the entire account, when unusual transfers of Rs 1,000 or more are flagged as potentially linked to mule accounts or cyber fraud.Banks will be required to use AI-based transaction monitoring systems to identify transfers that…

Oil prices rose more than 2% on Monday as fresh Houthi attacks on Saudi Arabia and Iranian strikes on vessels in the Gulf added to supply concerns following the shutdown of a key Saudi oil pipeline.Brent crude futures rose $2.90, or 2.77%, to $107.51 a barrel by 2313 GMT. US West Texas Intermediate (WTI) crude…

Mumbai: Localisation, using alternatives wherever feasible and removing non-essential product features to cut cost of production. These are some measures brands are undertaking as they prepare for the festival season.CEOs are clear that measured price increases have to be taken amid persistent commodity inflation but margins also have to be sacrificed to an extent to…

New Delhi: Foreign investors pulled out Rs 13,138 crore from Indian equities in the first half of Sept, as heightened global uncertainty pushed crude oil prices higher, while rising US bond yields and a firm dollar weighed on risk appetite.The latest outflow comes after Foreign Portfolio Investors (FPIs) turned net buyers in July and Aug,…

NEW DELHI: Alternative-fuel vehicles may have overtaken petrol cars in India-but only if hybrids are counted as alternatives. FADA’s Aug registration data showed petrol’s share of passenger-vehicle retail declining to 40.8%, while CNG, electric and hybrid vehicles together reached 41.9%.The crossover appeared to mark a significant change in India’s fuel mix, with alternatives moving ahead…

MUMBAI: Nine Tata companies – seven listed, two unlisted – hold 12.8% of Tata Sons. The seven listed companies alone account for 11.9%. They have held these stakes (see chart), treated as dead capital, for three decades, with no exit and no public valuation. That changes if Tata Sons lists in compliance with Reserve Bank…

NEW DELHI: As Russian refineries came under attack from Ukraine, damaging energy infrastructure and crippling domestic fuel supplies, Moscow imported a record 172,000 tonnes of oil products in Aug, with nearly 70% of it coming from India, Centre for Research on Energy and Clean Air (CREA) has said in its monthly report.India, however, remained the…

Bank holiday on September 14 Planning to visit a bank as the week begins? You might want to reschedule, with banks across various parts of the country set to remain shut on September 14 for Ganesh Chaturthi, which celebrates the birth of Lord Ganesha.However, the September 14 closure is state-specific, so bank branches will not…

Gold and silver prices are likely to stay volatile (representative image) Gold and silver prices are likely to remain volatile next week, with the US Federal Reserve’s interest rate decision, crude oil movements, the US dollar and developments in the US-Iran conflict expected to drive market sentiment, analysts said.The September 15-16 meeting of the Federal…