The Direct Tax Code (DTC) task force, set up to overhaul the 58-year-old Income Tax Act, has recommended a significant increase in the highest income tax slabs, besides slashing the corporate tax rate to an even rate of 25 per cent for both domestic and foreign companies, sources in the know said.

Vodafone Idea shares slid 6 per cent to Rs 5.60 in early morning trade on the BSE on Tuesday after Balesh Sharma stepped down as company’s chief executive officer (CEO) with immediate effect due to personal reason. Ravindar Takkar has been appointed as managing director and CEO for period of three years.

Public sector lenders, including PNB, BoB and Corporation Bank, have organised a two-day consultation process at branch level, seeking suggestions to make the sector future ready and be a catalyst in economic growth. The consultations were held over a period of two days from August 17-18 under the direction of Department of Financial Services, Ministry of Finance.

Capital markets regulator Sebi is planning to ease its norms for buyback of shares by listed companies, especially those having subsidiaries in housing finance and NBFC sectors. According to top officials, a proposal in this regard is expected to be discussed by Sebi’s board at its meeting this week. The repurchase of shares by listed companies is governed by the Buyback Regulations of the Securities and Exchange Board of India (Sebi) as well as by the Companies Act.

New Delhi: Gearing up for the next phase of growth in consumer Internet and financial services, digital payments player Paytm on Monday announced the promotion of its Chief Financial Officer Madhur Deora as the company's President.

Prior to joining Paytm in October 2016, Deora served as Managing Director in Citigroup's investment banking business.

Kolkata: State Bank of India said it is contemplating extending the benefit of the repo-linked lending rate to the existing home loan borrowers while hoped for better traction in consumer demand in the second half of the fiscal expecting the government to offer fiscal stimulus.

Shares of Apollo Hospitals Enterprise Ltd have gained 10% since it announced its June quarter results on 13 August. With the performance reassuring investors on asset optimization and profit metrics, the stock hit a new 52-week high of ₹1,4687 on Friday.

Losses the company’s new ventures, housed under Apollo Health and Lifestyle Ltd, reduced significantly.

MUMBAI: Employees at ICICI Bank Ltd are in the midst of a cultural shift as the bank adopts open office structures, abolishes grades and imparts skills to employees to adapt to sales jobs that would need human intervention amid automation and digitization.

Mumbai: The government’s Make in India initiative has failed to create enough jobs as companies across sectors still prefer to import goods instead of manufacturing locally, said Larsen and Toubro Ltd chairman A.M. Naik.

“The Prime Minister’s Make In India programme, which is spoken about a lot, has to do a lot more.

The rupee appreciated by 9 paise to 71.05 against the US dollar in early trade on Monday, tracking gains in domestic equities and indication of a revival in trade talks between the US and China.

Forex traders said positive opening in domestic equity market and Donald Trump’s chief economic advisor comments that the U.S. and China are seeking to revive trade talks supported the rupee.

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