The Finance Bill has expanded the definition of income that is taxable under the Income Tax Act, 1961, by inserting a sub-clause on subsidies, grant, cash incentive and duty drawback, etc.

However, subsidies given to consumers such as Direct Benefits Transfer (DBT) may escape tax, experts say. But they want a clarification by the tax authorities on the matter.

Hinduja Group flagship company Ashok Leyland has reported a 43 per cent growth in sales during the month of April.

Total sales stood at 8,435 units in the month, compared to 5,897 units a year ago.

Bajaj Auto Ltd on Monday reported one per cent increase in total sales in April at 3,36,274 units as against 3,31,529 units in the same month last year.

Motorcycle sales during the month declined by five per cent at 2,85,791 units as against 2,99,636 units in April last year, the company said.

Gujarat Co-operative Milk Marketing Federation (GCMMF), owner of Amul, has hit a top line of over Rs 20,000 crore for the first time in the financial year ended March 2015 - equivalent to the combined revenue of the food businesses of its three closest rivals Nestle, Hindustan Unilever and ITC (based on their figures for FY14).

The Anand-headquartered major reported a top line of Rs 20,735 crore for the year ended March 2015. The co-operative does not disclose bottom line figures.

The troubles for government-owned Air India (AI) could deepen in 2015-16 if it doesn’t get the expected infusion of additional capital.

The Union civil aviation ministry told a parliamentary panel recently that AI could default on repayment of loans taken for aircraft purchase if it did not get the entire expected equity infusion. And, that this could mean a series of delayed payments to oil companies, the Airports Authority of India (AAI) and on repayment of interest on the government-guaranteed debentures. The ministry said so to the standing committee on transport, tourism and culture.

Shares of Mahindra & Mahindra were up over 3% at Rs 1,183 after the company reported strong growth in tractor exports during April 2015 compared with the same month last year.

Tractors exports grew 20% to 1,005 units in April 2015 compared with 836 units in April 2014, the company said in a release.

Permanent Account Number (PAN) has been made mandatory for private firms seeking central excise registration.

The registration will now be given within two days of filing online applications, as per the new simplified rules formed by the Finance Ministry "to improve the ease in doing business in manufacturing".

Ashok Leyland has reported a 43% growth in sales during April 2015.

Total sales stood at 8,435 units in April 2015, as compared to 5,897 units a year ago.

As many as 500 cases have come under the scanner of revenue intelligence agencies and capital markets regulator Sebi for raising a whopping Rs 2 lakh crore illegally in the guise of non-convertible debentures and private placements.

Suspecting that these financial instruments are being misused to launder black money, the revenue intelligence agencies have shared the details with the Securities and Exchange Board of India (Sebi) and other regulators for further action, official sources said.

MUMBAI: Shares of upstream oil companies ONGC and Oil India surged in intraday trade following reports that the government is likely to exempt them from oil subsidy burden for FY16.

Oil India rallied 4.36 per cent to touch intraday high of Rs 478.

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