New Delhi: In what could be a good news for lakhs of taxpayers, the Income Tax Department will now process and send refunds in a short time of 7-10 days as its latest technology upgrade of electronic and Aadhaar-based ITR verification has begun on a successful note.

The department’s latest initiative to verify an Income Tax Return (ITR) by Aadhaar or other bank database has received positive response from ITR filers because of which the taxman, for Assessment Year 2015-16, was able to process and send refunds to bank accounts of eligible taxpayers in less than 15 days time.

New Delhi: More than a third of the 69 small and marginal oil and gas fields that the government plans to auction to private firms are in Mumbai Offshore and the biggest of them holds about 15 million tonnes of oil reserves.

Of the 69 idle oil and gas fields of state-owned Oil and Natural Gas Corp. Ltd (ONGC) and Oil India Ltd which are to be auctioned, 27 are in Mumbai Offshore while another 15 are in the prolific Krishna Godavari (KG) basin, official sources said.

Local search engine Just Dial has launched a new Android App, Search Plus, on Google Play Store.

“The company has launched its latest Android app on Google Play Store for users. The company has also submitted its new iOS app to Apple App Store and is expected to go live shortly,” the company said in a filing to the BSE.

KOLKATA: A leading body of plant and equipment manufacturers has sought Prime Minister Narendra Modi's intervention to withdraw a recent draft order proposing mandatory standards in making of stainless steel flat products.

The Process Plant and Machinery Association of India (PPMAI), which counts the likes of Larsen & Toubro, Godrej, Thermax and Praj Industries among its members, said in a letter that the draft quality control order will discourage investment in key manufacturing sectors as quality rules under the Bureau of Indian Standards (BIS) are not comprehensive and updated. There is also little demand for stainless steel meeting Indian standards, it said.

Nifty closed weekly in positive territory after sharp decline of consecutive last four weeks. It failed to extend in wave-V of C as anticipated. It has completed 5 wave decline structure & achieved W=Y Equality Targets near recent lows. It has made a low of 7539.40 levels during week.

All the other Indices such as Midcap, Small cap & Bankex etc closed weekly in positive territory. CNX BANKEX has also achieved equality targets in this correction as anticipated. It made a low of 15,793 levels & started to sharply rise from these levels. One can expect this rally to continue further for the targets of 17185 levels till this low holds in short term.

Air India pilots have voted in favour of a strike to protest the management's notification stripping commanders of "workman" status.

However, the pilots are yet to issue a strike notice.

LIC Housing Finance has said that it would look at securitisation of its non performing assets (NPAs) this year if the tax and stamp duty issues are adressed.

Speaking to reporters after inaugurating a property fair in Chennai, Sunita Sharma, managing director and CEO of LIC HFL said, "We have not done it (securitisation of assets) for many years. We will be looking at it this year but the quantum will not be high. We will be looking at Rs 4,000-5,000 crore."

The BSE Sensex and NSE Nifty closed on a flat note on Friday ahead of IIP data, due later in the day. Sensex closed 12 points lower at 25,610 while Nifty closed 1.20 points up at 7,789.30.

Among the sectoral indices on the Bombay Stock Exchange (BSE), the BSE Realty index gained the most — 0.73 per cent at 1,288.86, it was followed by BSE IT index (up 0.44 per cent) and BSE FMCG index (up 0.42 per cent). On the other hand, BSE Metal index and BSE Capital Goods index declined 1.53 per cent and 0.52 per cent at 7,197.95 and 15,951.38, respectively.

Ajay Bodke: If one is betting on a revival in investment cycle, the banks that have gotten severely drubbed are essentially Axis Bank, ICICI Bank and Yes Bank. If one is willing to take a medium term perspective, the corporate focussed banks are the ones which are going to see the maximum reduction in the provisioning levels and also the upgrade in terms of the assets which have been classified as NPAs, so as and when the interest rate falls, economic revival will happen.

The National Association of Software and Services Companies (NASSCOM) today inaugurated its start-up warehouse in Kochi, Kerala, in collaboration with the state government.

The start-up warehouse seeks to build entrepreneurial capabilities in the state, create a vibrant community to connect investors, mentors and start-up entrepreneurs, and building tech-entrepreneurship as a preferred career option, the IT industry lobby group said in a release.

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