In a bold attempt to reduce frivolous tax demands, the income tax department has decided to overhaul the annual performance appraisal system for tax officials, relying on the quality and effectiveness of their work and not plainly on the quantum of tax demands raised.

Sources said that error-free and well-reasoned tax demands, which are made following all principles of natural justice and are not struck down by courts subsequently, would earn an officer a good grade, not frivolous, high-pitched tax claims that do not stand the test of appeal.

Unidentified gunmen on Monday fired on the franchise office of BSNL in North Kashmir’s Sopore town, killing one and leaving two injured.

Soon after the attack, police launched manhunt to track down the militants responsible for the attack.

Mumbai-based investment firm Zodius Capital has raised $110 million for making investments in Internet and technology companies. It plans to invest $11-16 million in 8-10 Indian startups by end of this year. This is Zodius’s first tranche of its $500 million fundraising partnership with Avendus Capital to set up Zodius Capital II.

As per a report by ET, the firm also plans to raise the second tranche by the end of this year or early next year. In 2011, it launched Zodius Capital I, from which it had invested in digital marketing firm BORN (earlier known as Group FMG), artist and event management venture Only Much Louder, big data firm Antuit and financial research firm ZyFin, among others.

ZenParent, a digital media company targeted at parents, has raised $500,000 (Rs 3.17 crore) from i2india Ventures.

The startup has mobile and web presence, shows information on parenting, habits, recreational activities, among others. The content is written by 15 people, who are experienced experts in parenting, according to NBW.

New Delhi and Amsterdam-based online payments and eCommerce solution provider startup, Newgen Payments has raised an undisclosed amount of funding in angel round from Jan Manten, Founder & former CEO of GlobalCollect. The raised funding will be used to upgrade its technology as well for increasing the company’s sales.

Founded in 2014 by Founder and CEO Sunil Jhamb, Newgen’s platform lets merchants to create an online and mobile eCommerce presence. It helps its clients by designing their websites, providing development & hosting services, and simplifying the checkout process by offering the payment options.

BSE Sensex and NSE Nifty fell on Monday, tracking weaker regional shares as fears about earlier-than-expected U.S. rate hikes weighed on sentiment, while cigarette maker ITC slumped after posting lower-than-expected earnings.

Federal Reserve Chair Janet Yellen indicated on Friday the U.S. central bank was poised to raise interest rates this year if the world’s top economy improved as expected.

The software product revenues of India’s second biggest IT firm Infosys declined by close to 10% in FY15 largely due to certain challenges associated with Finacle, its core banking software. The software product revenues of Infosys stood at Rs 1,653 crore last fiscal as against R1,828 crore in FY14, revealing a decline of 9.5%, according to the company’s latest annual report.

Software products contributed about 3.2% to Infosys’ overall revenue in FY15 as against 3.6% in FY14.

Bharat Heavy Electricals Ltd (BHEL) today said it commissioned six hydro sets with a combined 736 MW capacity in 2014-15.

This accounts for 100% of hydro power capacity addition in the country in the said fiscal, BHEL said in a statement.

Shares of ITC have dipped 3% to Rs 319 on the NSE in early morning trades after the company reported a lower-than-expected 3.7% year on year (yoy) growth in its net profit at Rs 2,361 crore for the fourth quarter ended March 31, 2015 (Q4) due to muted growth in cigarette business and decline in agri segment. The fast moving consumer goods (FMCG) major had posted a profit of Rs 2,278 crore in the year-ago quarter.

Net sales rose marginally by 0.47% to Rs 9,188 crore in the quarter under review from Rs 9,145 crore in the year-ago period, ITC said in a BSE filing.

The markets are seeing mild profit-booking this morning after rallying more than 2% in the past week.

At 10.30am, the Sensex was at 27,817, weaker by 139 points and the Nifty was quoting below its crucial technical level of 8,450 at 8,417, down 39 points. The midcap and smallcap indices had, however, edged higher by 0.2% each at 10,645 and 11,226 respectively.

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