Government department, embassies, consulates and UN bodies will be among those exempted from the levy of 1 per cent tax collection at source (TCS) on cash purchases of above Rs 2 lakh, CBDT said today.

The government has introduced 1 per cent TCS on purchase of goods and services in cash exceeding Rs 2 lakh with effect from June 1.

MUMBAI:SBI chairman Arundhati Bhattacharya has dismissed speculation that there could be a bubble in retail loan segment. She said speaking at a seminar that retail loans is still less than 10% of the country's GDP, which is far lower than other developing countries, hence there is more room to grow.

The domestic stock markets have opened nearly flat from their Friday closes in the first trading session after the next Reserve Bank of India Governor was announced.

The 30-share benchmark BSE Sensex opened at 28,129.33, up 52.33 points or 0.19% higher from its Friday's close. The index had closed the week at 28,088.07, up 11.07 points or 0.04% higher.

Infosys has fallen to its 52-week low of Rs 1,009, down 1% on the BSE in intra-day trade, extending its 4% decline past four trading sessions, after the Royal Bank of Scotland (RBS) shelved plans to set up a separate bank in the United Kingdom (UK), for which IT major was a key technology partner.

On August 13, Infosys in a media statement said the Royal Bank of Scotland announced that it will no longer pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G), and instead will pursue other options for the divestment of this business.

Air India’s plans of converting Rs 10,000 crore debts into equity will give a much needed push its ambitious turnaround plan of becoming profitable by FY2018.

On Monday, The Economic Times reported that the state-run carrier is looking to convert its debt into equity through the Sustainable Structuring of Stressed Assets or S4A scheme.

India’s largest car maker Maruti Suzuki is tapping into Industrial Training Institutes (ITIs) in a big way to meet the growing requirement of technicians for its swiftly expanding dealership network. It plans to hire about 2,000 ITI students in the current year from the hundred ITIs with which it has tied up, significantly more than 1,400 students it hired last year. Another 1,500 students will be absorbed from other ITIs.

Mumbai: Piramal Realty, the real estate division of Piramal Group, on Friday said it has awarded contract worth Rs.700 crore to engineering firm Larsen and Toubro (L&T) Construction to build Piramal Aranya, a luxury residential project at Byculla in south Mumbai.

Spread across seven acres of land parcel, the project would be built with a total investment of Rs.4,450 crore and cover around four million sq. ft. of construction area.

In the first gesture to fulfil his pledge that he and his wife made last year, Facebook CEO Mark Zuckerberg has sold $95 million of the social networking giant’s shares.

According to a US regulatory filing, The Chan Zuckerberg Foundation and CZI Holdings LLC sold Facebook shares worth $95 million before taxes, Forbes reported on Saturday.

New Delhi: Coal India workers will go on a nation-wide strike on 2 September to mark their protest against further divestment and strategic sale in the sector.

“We have received a communication of notice... for strike on September 2. Efforts are being made for conciliation process,” Coal India said in a regulatory filing on Saturday. “In case they resort to strike, it will affect product and dispatch of coal.”

A patent application of multi-business conglomerate ITC Ltd, which sells agarbatti brand Mangaldeep, for a smokeless incense product at a cost-effective manner was rejected by the Indian Patent Office for lack of inventive steps, among other objections.

The company said its invention was to prepare an incense stick with no smoke but fragrance, and it would be an eco-friendly product with higher productivity and cost advantage in several ways.

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