Firms that have a turnover of under Rs 1 cr can pay tax without maintaining books.
Stocks smashed previous records as the Sensex on Thursday raced to close at a fresh high of 30,750 zooming 448 points.
For the week, the Sensex recorded a gain of 131.39 points, or 0.38 per cent; while Nifty gained 38.75 points, or 0.37 per cent.
Sachin Tendulkar is again India's most valuable ODI player after his blazing 94 in 81 balls at the Oval.
Top gainers in the Sensex pack included HCL Tech, Tata Motors, M&M, Bajaj Auto, RIL, Hero MotoCorp, Yes Bank, Maruti, HDFC Bank and Bajaj Finance, which surged up to 6.43 per cent.
Tata Steel was the top laggard in the Sensex pack, cracking over 6 per cent, followed by SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC. Bajaj Auto, Maruti and Asian Paints were the only gainers.
Goa's 14-year-old Leon Mendonca has become India's 67th chess Grandmaster by winning the third and final norm at a tournament in Italy.
Top gainers in the Sensex pack included ONGC, HDFC, Bharti Airtel, Infosys, Maruti, HCL Tech, Mahindra and Mahindra, HUL, TechM and SBI -- rising up to 2.89 per cent.
Team combination a worry for India
The NSE Nifty also gained 53 points, or 0.49 per cent, to settle 10,855.15 after shuttling between 10,870.40 and 10,749.40.
The broader NSE Nifty plunged 119.15 points, or 1.01 per cent, to 11,709.10.
On a net basis, foreign portfolio investors bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.
Check out the group standings at the ICC World Cup 2015.
PVI and MVPI after the IPL league matches.
The proposed clampdown on participatory notes (PNs) by Sebi had its desired impact on the markets - the Sensex opened with a huge negative gap of 5.3% (1,014 points) at 18,038. The index soon plunged to a low of 17,308 - down 9.2% (1,744 points) - following which trading was suspended for one hour - only the 3rd instance in the last three years.The Sensex finally ended with a loss of 336 points (1.8%) at 18,716.
The 50-share NSE Nifty stayed in the positive zone and retook the 9,900-mark to hit a high of 9,905.05 as buying paced up towards the fag end. It settled higher by 72.45 points, or 0.74 per cent, at 9,899.60.
In the Sensex pack, M&M was the biggest loser, tumbling by 6.66 per cent, followed by TCS dropping 4.14 per cent.
Among major gainers, Vedanta rose the most by 6.55 per cent, snapping its five-day losing streak.
Among Sensex stocks, L&T was the top loser, shedding 2.19 per cent, followed by ONGC, Titan, Sun Pharma, Hero MotoCorp and Infosys.
In the Sensex pack, other gainers were Bajaj Finance, Bharti Airtel, Tata Motors, Hero MotoCorp, HUL, Asian Paints, HDFC duo and ONGC -- gaining as much as 2.87 per cent.
Tech Mahindra was the top loser in the Sensex pack, shedding 2.51 per cent, followed by Bajaj Auto, RIL, Hero MotoCorp, IndusInd Bank, Mahindra and Mahindra, HDFC and TCS.
Top laggards among the Sensex pack included Yes Bank, SBI, HDFC, Axis Bank, Kotak Bank, ITC, RIL, M&M, Tata Motors and ICICI Bank, losing up to 3.61 per cent.
How the teams are placed in their groups in the ICC Champions Trophy 2009.
The BSE Sensex gained 104.63 points to end at 33,147.13, while the broader Nifty spurted 48.45 points to finish at 10,343.80.
How the teams finished in the group stages of the ICC Champions Trophy.
The NSE Nifty, which again went past the 9,900-mark to touch a high of 9,903.95 intra-day, finally settled 103.15 points, or 1.05 per cent higher at 9,897.30.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
The 50-share Nifty scaled a high of 10,227.30 intra-day but succumbed to profit-booking to finish at 10,155.25
Out of 30 Sensex shares, 19 ended lower while 11 gained
Surprisingly, RIL scrip also fell by 2.73 per cent to 1,029.15, becoming the second biggest loser in the index
Jaipur Golden Hospital said it has over 200 patients and they had only half-an-hour of oxygen was left at 10:45 am.
Investors turned cautious after India's trade deficit widened to a more than three-and-a-half-year high of $16.6 billion due to costlier crude oil imports
Top losers in the Sensex pack included Tata Steel, Vedanta, Maruti, SBI, Coal India, Tata Motors, Sun Pharma, HUL, RIL, IndusInd Bank, Axis Bank, HDFC duo, ICICI Bank, M&M, Kotak Bank, and Infosys, falling up to 2.89 per cent.
The broader NSE Nifty ended the session at 10,714.30, up 125.20 points or 1.18 per cent, after shuttling between 10,723.05 and 10,612.35.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
This is its biggest single session gain since April 5, when it had surged 577.73 points.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
Viswanathan Anand went down to Hikaru Nakamura of United States in the Armageddon game and had to be content with a second place finish in the Zurich Chess Classic.
Tata Motors was the worst performer on the Sensex, plummeting 10.32 per cent to Rs 436.55 after the company reported a steep 96.22 per cent decline in consolidated net profit for the December quarter.
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