Effective from midnight on friday night, the government has increased the price of diesel by Rs 3 a litre, kerosene Rs 2 a litre and cooking gas by Rs 50 a cylinder to raise Rs 21,000 crores. It has also slashed customs and excise duties on petroleum products and claimed a sacrifice of Rs 49,000 [...]

Post Office savings accounts will be taxed from this financial year. Central Board of Direct Taxes has already issued a notice to this effect. CBDT has asked all the tax collection ranges across the country to implement it. Taxpayers, who invest in the post office saving accounts schemes, will now have to show the interest [...]

Prime Minister’s Economic Advisory Council Chairman C Rangarajan today said that Indian economic growth in the 2011-12 fiscal is likely to be about 8.5 per cent, lower than the Budget projection. Speaking at an Organisation for Economic Cooperation and Development (OECD) event in New Delhi, Rangarajan was confident that India had the potential to clock [...]