The Central Board of Direct Taxes is considering making PAN mandatory as a requirement for allotting Tax Deduction Account Numbers (TAN) to companies that deduct tax at source, according to a report by the Comptroller and Auditor General (CAG).

The Department is considering tightening the KYC norms for TAN issuance in light of the CAG’s discovery that the procedure for allotting TAN does not require any documents as proof of identity or address, not even a PAN. More than one lakh notices amounting to a total demand of ₹4,180 crore were not addressed due to inadequate information about the assessee.

CHENNAI: The Reserve Bank of India (RBI) on Thursday said non-banking finance companies (NBFCs) cannot issue more than Rs 20,000 in cash against gold loans, sending shares of Manappuram Finance and Muthoot Finance down 4% on the bourses. The central bank's move is being seeing as part of its “go digital“ drive post-demonetisation. “The requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect.Currently, the relevant threshold under the Income Tax Act, 1961 is Rs 20,000,“ the central bank said in a statement.

MUMBAI: Reliance Communications, the telecom unit of Anil Ambani's Reliance Group, launched a special tariff offer on Friday, further intensifying a price war that the industry is caught into.

The 'Joy of Holi' plans offer RCom's new 4G customers 1GB of data for Rs 49 and 3GB for Rs 149 for 28 days.

'Iron Lady' of Manipur and PRAJA (Peoples' Resurgence and Justice Alliance) chief, Irom Chanu Sharmila on Saturday lost from Thoubal constituency, where she was contesting against incumbent Chief Minister Okram Ibobi Singh.

However, Sharmila earlier in the day said that in case of her defeat she will try again in the 2019 general elections. "I do not feel much affected by the result. It depends upon the people's mindset.

An Air India Ahmedabad-London-Newark flight lost communication with the local Air Traffic Control and was escorted by fighter jets over Hungary, officials said here on Friday.

The flight AI-171 had departed from Ahmedabad at 7 a.m. on Friday with 231 passengers and 18 crew members.

Sebi on Friday streamlined regulatory framework for 'scheme of arrangement' such as merger and acquisitions by listed firms to check any possible 'bypassing' of norms and prevent companies from seeking direct approval of National Company Law Tribunal (NCLT) for such deals.

The decision has been taken in consultation with the stock exchanges and market participants.

What could be said as its biggest discovery after a gap of three years in Assam, Oil and Natural Gas Corporation (ONGC) has made reserve accretion of 10 million metric tonnes (MMT) of oil in the state.

The area of the discovery falls in Jorhat district and two wells, one each at Sufayam and Dayalpur, have already been drilled to exploit this 10 MMT reserve.

India may need to reassess the amount of bailout funds given to Air India because the state-run carrier has breached loan limits set under a government restructuring plan, causing its finances to be squeezed, the Comptroller and Auditor General of India (CAG) said in a report on Friday.

Heavily-indebted Air India, which was bailed out in 2012 with $5.8 billion of government funding, saw its short-term loans rising to four times the limits laid down in its turnaround plan, the CAG said.

Tata Motors on Friday announced the signing of a Memorandum of Understanding (MoU) for a long-term partnership with Volkswagen Group and Skoda, to "explore strategic alliance opportunity for joint development of products". The agreement -- signed by Guenter Butschek, CEO & MD of Tata Motors, Matthias Mueller, CEO of Volkswagen AG and Bernhard Maier, CEO of Skoda Auto -- lays down the "modalities and terms of a long-term cooperation in identified areas of partnership," said a company statement.

New Delhi: In a win for Britannia Industries Ltd, the Delhi high court on Friday set aside an injunction order against it, allowing the company to manufacture and sell its digestive biscuit NutriChoice Zero.

ITC Ltd and Britannia were involved in a brand war case in which the former claimed that Britannia’s NutriChoice Zero digestive biscuit brand had copied the packaging of its Sunfeast Farmlite Digestive All Good biscuit.

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