Business news

Property prices drop 30%

JEDDAH: There has been a drop in property prices by up to 30 percent in some parts of the country, the Housing Ministry reported recently. From the start of the year until May, deals worth SR278 billion were finalized, down 14 percent from the same period last year, a local publication reported r

Petrol prices cut by 31 paise per litre, diesel by 71 paise

NEW DELHI: Fuel retailers have lowered petrol and diesel prices by Rs 0.31 a litre and Rs 0.71 a litre, respectively, after aligning them with international prices and adjusting for foreign exchange rates. In Delhi, petrol will cost Rs 66.62 a litre from Wednesday, while diesel will be available

Income tax forms simplified, date for filing returns extended to Aug 31

NEW DELHI: The finance ministry on Sunday came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31. The new forms — ITR 2 and IT

Petrol Price in India More than Pakistan, Sri Lanka: Oil Minister

New Delhi: Petrol in India costs more than neighbouring Pakistan and Sri Lanka but is cheaper than Bangladesh and Nepal, Oil Minister Dharmendra Pradhan said on Wednesday. Petrol price of Rs 63.16 per litre in Delhi is more than Rs 44.05 per litre rate of the fuel in Pakistan and Rs 54.75 in Sri

Petrol price up by Rs 3.96, diesel Rs 2.37

After two rounds of cuts, petrol prices were today raised by Rs 3.96 per litre and diesel by Rs 2.37 a litre, tracking global cues. The increase in petrol and diesel prices will be effective from midnight tonight. Prices of petrol in Delhi will be Rs 63.16 a litre from tomorrow as against the cur

Petrol, diesel prices slashed

NEW DELHI: Petrol price was today cut by 80 paise a litre and diesel by Rs 1.30 per litre, the second reduction in rates this month.The reduction will be effective from midnight tonight, Indian Oil Corp (IOC) said. After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be availabl

Petrol prices cut by 49 paise/litre, diesel by Rs 1.21

NEW DELHI: After two consecutive hikes, petrol prices were on Wednesday cut by 49 paise per litre and diesel by Rs 1.21 a litre on softening international oil rates. The reduction in rates will be effective from midnight tonight. Prices of petrol in Delhi will be Rs 60 a litre from tomorrow as

Petrol, diesel prices go up by over Rs 3

A hike in petrol and diesel prices by over Rs 3 per litre from Saturday-Sunday midnight took away more from the common man than the Finance Minister Arun Jaitley proposed to give through his Budget.  Petrol price were hiked by Rs 3.18 per litre, and diesel by Rs 3.09, excluding local taxes. This

Union Budget 2015 raises tax deduction limit to Rs 4.44 lakh for I-T payer

NEW DELHI: With fresh incentives for individuals announced in the Union Budget on Saturday, the overall deduction limit under personal income tax has gone up to Rs 4,44,200 a year. In the Budget for 2015-16, finance minister Arun Jaitley has proposed raising the tax deduction limit by Rs 10,000 f

Vodafone India outpaces other group units, posts 15% growth in Dec quarter

MUMBAI: Vodafone's Indian unit outpaced its group counterparts to report 15% organic growth in revenue in the quarter through December, as subscribers used more of its premium data services, even as the basic voice telecom service remained under pressure, like its top rivals. Organic service reve

Centre hikes excise duty on fuel again

For the third time in six weeks, the Centre on Thursday hiked the basic excise duty on petrol and diesel and absorbed the benefit of falling crude oil prices that would have been otherwise passed on to consumers by oil marketing companies. The government's decision to increase the excise duty on

New ATM Usage Rules: How Should You Plan Your Withdrawals

If you are the kind of person who has the habit of hopping across to your nearest ATM to withdraw small amounts of cash, because you cannot really rely on the use of plastic money, or are still not compatible with the idea of internet banking, there is a piece of bad news for you. You may soon re

RBI makes SMS alerts for cheques mandatory

MUMBAI: Banks will now start sending SMS alerts to both payer and drawer in cheque transactions as soon as the instruments are received for clearing. Expressing concern over the rise in cheque-related fraud cases, the Reserve Bank of India (RBI) has made SMS alerts mandatory for such transactions.

India names first 3 in crackdown on tax evasion, laundering

New Delhi: In a major step in its crackdown on the country’s parallel economy, the Indian government on Monday revealed before the Supreme Court the names of three persons who allegedly have parked untaxed or ‘black’ money in illicit foreign accounts. Pradip Burman, former Executive Director of

Service tax on remittances to India

Abu Dhabi: Non-Resident Indians (NRIs) will have to pay slightly more to remit money to India as the government of India has imposed a service tax on “fees or commission” levied by banks and financial institutions for facilitating remittances from abroad. The move will not pose a big burden for

Union Cabinet deregulates diesel price

NEW DELHI: The Union Cabinet on Saturday decided to deregulate price of diesel, linking it to global market prices. As a result, diesel price will be cut by Rs 3.37 per litre effective midnight tonight in Delhi. The reduction would vary in other states depending on the state taxes. The Cabi

Flipkart Big Billion Day Sales Top Rs. 600 Crores in 10 Hours

Flipkart declared Monday's the Big Billion Day a success, even as customers on social media criticised the online retailer for various problems that arose during the sale. "The Big Billion Day is an unprecedented day for us as this is the biggest sale ever in India," Flipkart co-founders Sachin B

As diesel prices rise, it’s now cheaper to run petrol cars

CHENNAI: A diesel vehicle means higher cost of acquisition but significantly lower fuel bills, right? Well, not quite. Thanks to falling petrol prices and rising diesel fuel costs in recent months, the petrol-diesel gap is now at its slimmest since last June. Which means, the Rs 1-lakh premium (at t