New Delhi: The income tax (I-T) department has cautioned salaried taxpayers against under-reporting their income or inflating their deductions in assessment year 2018-19.

It has also warned intermediaries like chartered accountants against abetting such tax evasion. Any infractions will invite action under various penal and prosecution provisions of the Income Tax Act.

The BSE benchmark Sensex rose over 100 points in early trade today tracking strong Asian cues supported by a rally in oil prices and easing global trade concerns.

The 30-share index was trading higher by 147.14 points, or 0.42 %, to 34,478.82 with metal, realty, FMGC, Teck, IT and capital goods stocks rising up to 1.81 %.

After losing market share in the utility vehicle (UV) segment to competition in FY18, Mahindra & Mahindra (M&M) seems to be in fight-back mode. On Wednesday, it launched the new XUV 5OO at a much more affordable price point, perhaps with an eye on the volumes that are being garnered in the sports utility vehicle (SUV) segment by later entrants like Maruti and Hyundai whose models were priced cheaper. In fact, Maruti in FY18 has emerged as the new leader in SUVs in India.

The early part of calendar 2018 saw 15 scheduled commercial banks – including the country’s three largest banks and 10 from south India – scale back their network of point-of-sale (PoS) terminals. According to data released by the Reserve Bank of India (RBI), the size of the POS networks of the 15 banks shrunk between 0.4% to 33% in the December 2017 to February 2018 period.

The TVS Apache RR 310 has outsold its closest rival KTM RC 390 in the month of March 2018. In fact, the bike has beaten the combined sales of KTM RC 390 and 390 Duke during the said period. According to the sales data issued by the Society of Indian Automobile Manufacturers (SIAM), the TVS Apache RR 310 found 983 new homes in the month of March 2018. On the other hand, 716 units of the KTM RC 390 and 390 Duke were sold combined during the same month.

Thanks to decontrol of auto fuel prices and the reduced threat of a return of rigorous regulations, Reliance Industries and Essar Oil (Rosneft) have fast-tracked the process of strengthening their fuel retail network. These private-sector companies, which currently have a little over 5,550 retail fuel outlets —less than 10% of the total — will together add another 2,500 over the next couple of years.

Shares of oil marketing companies (OMCs) were trading lower in the range of 2% to 4% on the BSE in early morning trade on Thursday after global crude oil prices hit 3-year high on Wednesday.

Hindustan Petroleum Corporation or HPCL (down 4% at Rs 308), Bharat Petroleum Corporation or BPCL (down 3.7% at Rs 390) and Mangalore Refinery & Petrochemicals or MRPL (down 3% at Rs 104) have hit their respective 52-week lows on the BSE in intra-day trade today.

The rupee today slipped by 2 paise to settle at a fresh seven-month low of 65.66 against the US currency due to sustained dollar demand and forex outflows, extending its fall for a third day amid surging crude prices.

The rupee had fallen to a low of 65.79 in early trade but the RBI's suspected intervention helped the currency recover to a day's high of 65.59.

Air India has ordered a probe into the complaints that one of its senior pilots threatened to hit his co-pilots with 'crash axe' at least on two flights, the sources said.

While ordering probe, India's national carrier also directed the senior pilot not to perform his duties as an instructor till further orders. His 'trainership,' however, was restored last week.

E-commerce giant Amazon has silently launched a web browser for Android devices in India called ‘Internet’ which it claims is fast, doesn’t occupy much storage space on a user’s device and does not collect private data like other browsers.

The browser, which has been available on the Google Play Store since March, has just over a hundred installs so far.

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