Top 10 biz headlines: I-T heat on Tatas, Walmart-Flipkart deal safe & more

Here are the top 10 business stories that made news on Tuesday

Income-Tax dept withdraws exemption granted to Dorabji Tata Trust

The income-tax department has withdrawn the exemption granted to Sir Dorabji Tata Trust, one of the oldest and biggest philanthropic organisations in the country, in a move that could adversely hit the $103-billion salt-to-software Tata group. Read on.

RBI to conduct first half-yearly audit, approve interim dividend on Feb 18

The Reserve Bank of India (RBI) is getting its half-yearly balance sheet audited to determine the amount of interim dividend it can give the central government. Though a concurrent audit of its accounts is done on a quarterly basis, this is the first time a board-level statutory audit of the RBI is being conducted. Read on

Flipkart CEO refutes Morgan Stanley report, says Walmart is here to stay

Flipkart on Tuesday vehemently refuted the claim of a Morgan Stanley report which said Walmart may exit its investment in Flipkart and the Indian market due to the negative impact of new rules for the e-commerce that came into force on February 1. Read on.

Fraud-hit PNB bounces back into black with Rs 246-crore profit in Q3

State-owned Punjab National Bank (PNB) has bounced back into the black in the third quarter of this financial year — for the first time after it was hit by the country’s biggest banking fraud a year ago — on account of a drop in provisioning for bad loans. Read on.

Jubilant FoodWorks, Life Sciences promoters make an about-turn on royalty

Promoters of food service major Jubilant FoodWorks and pharma company Jubilant Life Sciences decided not to charge royalty from the two firms within hours of announcing that they would. Read on: 

NTPC may cut power to 3 southern states over non-payment; UP next in list

Due to non-payment and outstanding dues for more than two months, NTPC Ltd has issued notices to Telangana, Karnataka, Andhra Pradesh for 'regulating power supply' from February 9 onwards. Read on.

RBI may hold rate on ambiguous growth, moderate inflation: Expert

Is there room or even a need for the MPC to cut the repo rate? The MPC will likely (and rightly) revert to a “neutral” stance, back from the “calibrated tightening”. Sections of analysts are now also expecting a repo rate cut to boost economic activity. This might be premature. Read on...

Maruti’s drive to meet green norms to be fuelled by CNG

Maruti Suzuki India Ltd is doubling down on compressed natural gas (CNG)-powered vehicles as the nation’s largest carmaker steps up efforts to meet the upcoming fuel efficiency norms aimed at curbing extensive air pollution in major cities, according to a Livemint report.

NCLT Chennai approves Bafna Pharmaceuticals’ corporate insolvency resolution plan

City-based Bafna Pharmaceuticals today announced that Chennai bench of National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the company under corporate insolvency resolution process, according to a Hindu BusinessLine report.

Should you invest more than Rs 1.5 lakh in tax-saving funds?

Tax saving mutual fund schemes or equity linked saving scheme (ELSS) are one of the most preferred options to save tax for most individuals. It comes with a three-year lock-in period. Although there is no restriction on the amount one can invest in it, investments up to Rs 1.5 lakh in a financial year is exempt under section 80C of the Income Tax Act. The recent budget kept the section 80C limit of Rs 1.5 lakh intact, according to a moneycontrol.com report.