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According to estimates, the proposed retrospective amendment would result in an additional tax income for the government of between Rs 35,000 and 40,000 crore.

Minister of state for finance S S Palanimanickam said that the income tax department have estimated the total tax implication of the proposed amemdment would be about Rs 40,000 crore. He was speaking to the Rajya Sabha members on Tuesday when he announced the massive figure.

The shares of technology giant, Apple have risen 7 per cent following the release of quarterly data, which showed that the company has doubled its profit much ahead of Street estimates.

The company posted higher than expected growth in profits partly due to the high sales of iPhone in the greater China region. The shipments of the iPad computer tablet have been a little lower than expected in the quarter.

India’s union Finance Minister Pranab Mukherjee said on Tuesday that the Indian government is aiming to curb the volatility in sugar prices by using several instruments including its trade policy.

"The government of India has been seeking to stabilise sugar prices by moderating the volatility during scarce and surplus domestic sugar seasons," Mukherjee said. He was speaking at an event to inaugurate the 41st council meeting of the International Sugar Organisation.

Automaker, Maruti Suzuki has started work on the setting up of a new research and development (R&D) facility in the industrial modern township (IMT) in Rohtak.

Chinese government has announced that it will now allow import of basmati rice from India allowing exporters from the country to gain access to the huge potential market.

Indian ambassador to China S Jaishankar described the move as a very positive one by the country. He also said that the authorities are in touch with basmati producers in India to move forward on the decision.

The State Bank of India (SBI) has announced a reduction in rates for fixed term deposits of various maturities by between 0.25 per cent and 1.00 per cent.

The country’s largest lender will now offer 7.25 per cent interest rate on deposits below Rs. 15 lakh in the maturity period of seven to 170 days. The rate of interest on deposits of one year to less than three years has been brought down from 9.25 per cent to 9 per cent.