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Markets reverse losing streak amid high volatility
The Indian bourses opened marginally higher at 16,317.16 - up 28 points. points - mirroring positive cues from the global markets. The US markets ended on a positive note after the US Federal Reserve said that the conditions in the world"s largest economy are showing signs of improvement. The Dow Jones Industrial Average added 0.4 per cent and the Nasdaq Composite Index was up 0.8 per cent, respectively. The Asian stocks too started on a strong note however pared some gains towards end of the day. The Hang Seng was up 1.61 percent and the Nikkei added 1.5 per cent, respectively.

U'khand buys 145 buses from Tata
The Uttarakhand government has bought 145 buses from auto giant Tata Motors through an open bidding. The red-colour buses will ply in three cities – Dehra Dun, Haridwar and Nainital. Under the Jawaharlal Nehru Renewal Urban Mission (JNRUM) programme, the Centre will bear 80 per cent of the cost and the rest 20 per cent will be borne by the state government.

News of the day

Investors give thumbs-down to Power Grid's overseas plans
Power Grid ended at Rs 113, lower by Rs 1 or 1.2%, on the BSE.
International Business

Uncollected taxes for 2007-08 at Rs 1.24 lakh cr: CAG

The government has uncollected revenue of over Rs 1.24 lakh crore in respect of corporate and income taxes at the end of 2007-08, a Comptroller and Auditor General of India (CAG) report said. - CAG pulls up IB for extra expenditure of nearly Rs 60 lakh - BHEL awarded contracts to banned firms - Net worth of 72 govt firms in negative territory - CAG raps 4 state-run insurers for loss of over Rs 15 crore - NTPC overstated its profit by Rs 938 cr in FY08: CAG - Cisco eyes bigger pie in edu, manufacturing sectors "Uncollected amount of Rs 1,24,274 crore in respect of corporation and income tax comprised demand of Rs 86,859 crore of earlier years and current demand of Rs 37,415 crore for 2007-08," said the report tabled in Parliament today. It said in terms of corporation tax the arrears increased to Rs 68,662 crore in 2007-08 from Rs 55,098 crore in 2005-06, while income tax arrears increased to Rs 55,612 crore in 2007-08 from Rs 40,289 crore. During 2007-08, against Rs 36,057 crore certified By Tax recovery Officer for recovery, only Rs 8,612 crore (23.98 per cent) could be recovered. There was an improvement in recovery from 14.01 per cent in 2005-06 to 24.2 per cent in 2006-07 and a marginal decline to 23.89 per cent in 2007-08. The report further said the government had collected Rs 1.03 lakh crore of income tax during the year which accounted for more than 32 per cent of the total direct tax collection. The number of income tax assesses as on March 2008 were 3.32 crore, registering an increase of 7.34 per cent over last year. It also said that the government suffered a revenue loss of Rs 1,257 crore in 2007-08 because the I-T department did not collect taxes.


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