Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips

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Manipal Group chairman Ranjan Pai in talks to invest in Byju's-owned Aakash 
Manipal Group Chairman Ranjan Pai is in early discussions to invest in Byju’s-owned Aakash Educational Services Limited (AESL). According to sources in the know, Byju’s founder and Chief Executive Officer Byju Raveendran, who owns a 30 per cent stake in Aakash, is expected to partially offload his holding to Pai for $80-90 million (about Rs 650-740 crore). Raveendran may use the money to repay a large part of the Rs 800 crore loan that Byju’s raised from US-based investment firm Davidson Kempner Capital Management in May, after facing a ‘technical default’, the sources said. Read more....

Fitch downgrades US credit rating to AA+, Treasury calls it 'arbitrary'
Rating agency Fitch on Tuesday downgraded the U.S. government's top credit rating, a move that drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago. Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations that threaten the government's ability to pay its bills. Read more....

Personal data Bill: Govt likely to block platforms after two breaches
The Digital Personal Data Protection (DPDP) Bill may allow the government to block a digital platform after more than two instances of penalties for data breaches, a report by the Parliamentary Standing Committee on Communications and Information Technology revealed on Tuesday. The report on citizens’ data security and privacy offered detailed response from the Ministry of Electronics and Information Technology (MeitY) regarding its action plan for ensuring privacy and on the much-awaited data privacy law. The government is likely to introduce the DPDP Bill, 2023, in the ongoing monsoon session of Parliament. Read more....

Tax filing for AY24 touches all-time high, surpasses 67.7 million

Income-tax (I-T) filings for the assessment year (AY) 2023-24 have hit a record high, exceeding 67.7 million. This figure represents a 16.1 per cent increase compared to the total tax returns filed during the previous assessment year, according to an announcement by the revenue department on Tuesday. For AY23, the department received 58.3 million returns. It emphasised that the 5.37 million income-tax returns (ITRs) received from new taxpayers signify a “widening of the tax base.” On 31 July, the final day for filing, the number of ITRs peaked with over 6.433 million ITRs submitted in a single day, the I-T department reported. Read more....

Corporation tax mop-up slips 14%; total tax collection in Q1 rises 3.38%
Collections from the corporation tax declined nearly 14 per cent year-on-year (YoY) to Rs 1.38 trillion in the first quarter of this financial year (Q1FY24), from Rs 1.61 trillion, despite signs of economic recovery. The revenue under this head had risen almost 30 per cent YoY in the first three months of 2022-23. The decline in the corporation tax mop-up was in line with that in excise duty receipts. This, however, contrasted the revenue trend concerning personal income tax (PIT), goods and services tax (GST), and Customs duty. Read more....

First Published: Aug 02 2023 | 08:37 AM IST

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