The Narendra Modi government today issued clarification that GAAR, that is General Anti-Avoidance Rule, will come into effect from April 1, 2017. The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards, the Finance Ministry said in a press release.

It has been clarified that if the jurisdiction of FPI is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply.

MUMBAI: Larsen & Toubro has bagged orders worth Rs 1,286 crore for construction jobs, the company said in a statement Friday.

The orders include heavy civil infrastructure jobs worth Rs 1,071 crore. The company received order in the underground metro space from Metro-Link Express for Gandhinagar and Ahmedabad Company for the design and construction of underground stations and associated tunnels for Package 2 in East-West corridor of the Ahmedabad metro project.

NEW DELHI: Maruti Suzuki India (MSI) today launched a new variant of its hatchback WagonR with additional features, priced between Rs 4.69 lakh and Rs 5.36 lakh (ex-showroom Delhi).

The latest variant VXi+ comes with both automatic and manual transmissions. The manual trims are priced at Rs 4.69 lakh and Rs 4.89 lakh while the auto gear shift (AGS) versions are tagged at Rs 5.17 lakh and Rs 5.36 lakh.

Indian captain Virat Kohli on Friday slipped a rung to third in the ICC rankings for ODI batsmen but his predecessor Mahendra Singh Dhoni gained a spot to be 13th in the latest list issued. Rohit Sharma slipped three places to be 12th, while Shikhar Dhawan was in the joint 14th spot with Englishman Jos Buttler.

Among the bowlers, no Indian found a place in the top-10 with Akshar Patel being the highest placed at 12th, a drop of three positions. Following him closely was Amit Mishra at the joint 14th position. The Indian team was unchanged at the third position in the team rankings.

The Sensex rallied about 148 points to 27,856 in early session today, maintaining its positive form for the fourth day as the February derivatives series took off on a strong footing amid positive Asian cues.

The 30-share Sensex, which gained 673.64 points in the previous three straight sessions, added 147.57 points, or 0.53 per cent, at 27,855.71. All sectoral indices of BSE led by oil and gas, power and PSU were in the positive zone, rising by up to 1.34 per cent. The NSE Nifty jumped 40.75 points, or 0.47 per cent, to 8,643.50.

Microsoft reported a rise in profits over the past quarter, showing gains in cloud computing and other new areas of focus as it absorbed the LinkedIn social network.

The US tech giant on Thursday said profits rose 3.6 percent in the second fiscal quarter to $5.2 billion, while revenues edged up one percent to $24 billion.

Aditya Birla Group plans to invest Rs 7,000 crore in the next two years in Andhra Pradesh on expanding existing businesses, Chairman Kumar Mangalam Birla said on Friday.

The conglomerate already has investments of Rs 10,000 crore in the state across sectors like telecom, retail and cement.

Toshiba Corp's board on Friday approved plans to make its core memory chip business a separate company and seek outside investment in it, aiming to avoid being crippled by an upcoming multi-billion dollar writedown for its US nuclear business.

The drastic step will be only one of many tough choices the Japanese conglomerate must take to survive, as the proceeds are set to cover just part of the charge for cost overruns at a newly acquired US power plant construction business - a figure that local media has put at 680 billion yen.

The Trump administration is preparing executive orders that would clear the way to drastically reduce the United States’ role in the United Nations and other international organizations, as well as begin a process to review and potentially abrogate certain forms of multilateral treaties.

The first of the two draft orders, titled “Auditing and Reducing US Funding of International Organizations” and obtained by The New York Times, calls for terminating funding for any United Nations agency or other international body that meets any one of several criteria.

Terming the overall Points of Interconnect (PoI) situation as ‘better’ than before, the Telecom Regulatory Authority of India (Trai) said Vodafone and Idea Cellular are meeting norms in all circles.

For Bharti Airtel, the congestion level is beyond the permissible limit in eight circles.

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