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The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.64 lakh crore to over 1.41 crore taxpayers so far this fiscal. This includes Personal income tax (PIT) refunds amounting to Rs 53,070 crore and corporate tax refunds of over Rs 1.10 lakh crore during this period. “CBDT issues refunds of over Rs. 1,64,016 crore to more than 1.41 crore taxpayers between 1st April,2020 to 04th January,2021.Income tax refunds of Rs. 53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of Rs. 1,10,946 crore…

Snapping its 10-session rising streak, equity benchmark Sensex tumbled 264 points on Wednesday as investors booked profits in Reliance Industries, as well as IT, finance and FMCG stocks amid mixed global cues. However, a recovering rupee and sustained foreign fund inflows restricted the fall, traders said. After touching its record intra-day high of 48,616.66 in early trade, the 30-share BSE index pared all gains to end 263.72 points or 0.54 per cent lower at 48,174.06. Similarly, the broader NSE Nifty fell 53.25 points or 0.38 per cent to 14,146.25. It touched a…

January 5, 2021 5 min readOpinions expressed by Entrepreneur contributors are their own. The pandemic and everything related to it caught many business owners by surprise and, even worse, caused some businesses to fold. Yelp reported that permanent business closures have reached 97,966, representing 60{bce2ac57dae147ae13b811f47f24d80c66c6ab504b39dda4a9b6e8ac93725942} of closed businesses that won’t be reopening. Imagine investing so much into an entity, and because of some virus, things start to slow down, till they eventually go under. It’s the new year, and nobody knows what it holds. But as a business owner, you have to plan and fortify your business against such…

In 1977, Rev. Leon Sullivan, an American Baptist minister, civil rights leader, and corporate board director, created a set of guidelines to engage U.S. corporations in resisting and eliminating legalized systemic racism under apartheid in South Africa. Known as the Sullivan Principles, these guidelines urged company leaders to promote racial integration in company facilities; equal pay for equal work; the advancement of more Black and “nonwhite” employees to supervisory positions; improved housing, schooling, and recreation and health facilities for all employees; and other targeted measures. More than 40 years later, we are witnessing a similar call to action. The killings…

Gold prices hit a two-month high on Tuesday, lifted by a lacklustre dollar as investors awaited the US Senate runoffs in Georgia that will determine which party controls Congress and prospects of additional fiscal stimulus. Spot gold was up 0.12 per cent to $1,946.52 per ounce by 9.16 pm IST, after hitting its highest since November 9 at $1,947.96. “Much will depend on the outcome of the runoff elections in the state of Georgia in the US and there are certainly hopes among market participants that the Democrats are to win…

January 4, 2021 6 min readOpinions expressed by Entrepreneur contributors are their own. History has proven that pandemics and outbreaks have pushed forward the evolution of ecommerce.  In 2003, Alibaba had to quarantine almost all its staff due to the positive SARS diagnosis of one staff member. This period became the incubation period where Jack Ma perfected the Taobao website and launched his first C2C eCom platform. The SARS coronavirus pandemic was a buffer for Taobao and Alibaba as a whole, as they registered immense profits.  During pandemics, online transactions become habitual for a large chunk of the world’s…

The country’s Insurance Regulatory and Development Authority (Irdai) has maintained the obligatory cession of each general insurance policy that is to be reinsured with an Indian firm at 5 per cent for FY21. “The percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian reinsurer(s) shall be 5 per cent in respect of insurance attaching during the financial year starting April 1, 2021, till March 31, 2022, except the terrorism premium and premium ceded to Nuclear Pool, wherein it would be made ‘NIL’,” Irdai said. …

Gold started the new year on a high in the international market by notching an eight-week peak on Monday, as the dollar slipped broadly to mid-2018 lows with investors selling it for just about everything else in the Asia session, wagering the world’s pandemic recovery would drive other currencies higher. The rupee closed at a four-month high of 73.02 after appreciating 9 paise. Oil, too, touched multi-month highs on expectations Opec (Organization of the Petroleum Exporting Countries) and allied producers may cap output at current levels in February and on hopes that vaccines may curb the…