Mobile Services
Income Tax department seeks details of income earned by Sachin, Binny Bansal from Walmart deal
NEW DELHI: The Income Tax department has written to Flipkart founders Sachin and Binny Bansal seeking to know the details of the income earned following their share sale to US retail giant Walmart and when they would be depositing the advance tax, an official said.
As per the Income Tax laws, both Sachin and Binny Bansal, being Indian residents, would be liable to pay 20 per cent income tax on the capital gains made from the sale of stake in Flipkart to the US-retail giant earlier in August.
The tax law requires both the Flipkart founders to deposit advance tax on the assessed income from the deal with Walmart with the government. About 75 per cent of that tax has to be deposited by December 15, 2018, and the remaining by March 15, 2019.
“As part of studying the Walmart-Flipkart deal, the international taxation division had written to Sachin and Binny Bansal asking them where they are assessed and where they would be filing their taxes. Since they file their income tax returns in Bangalore, the Assessing Officer there would now be in touch with them,” an official said.
In August this year, Walmart bought 77 per cent stake for USD 16 billion in Flipkart after buying out shareholding of as many as 44 shareholders, including significant ones like SoftBank, Naspers, Accel Partners and eBay. Sachin and Binny Bansal too sold their holding.
Walmart has already deposited Rs 7,439 crore tax for buying out stake from 44 foreign shareholders in Flipkart, since a substantial value of the e-commerce giant’s shares is being derived from India.
However, Sachin and Binny Bansal would be assessed separately under the domestic tax laws and would be liable to pay 20 per cent capital gains tax on the income earned in the deal.
While Sachin Bansal sold his entire 5-6 per cent holding in Flipkart, Binny Bansal had sold part of his stake. Binny Bansal had recently said that while he was stepping down as Flipkart Group CEO, he continues to be a “large shareholder” and a member on the Board.
Sachin Bansal and Binny Bansal did not respond to queries from PTI.
According to Nangia Advisors LLP Managing Partner Rakesh Nangia, as per Indian income tax laws, worldwide income of an Indian resident is taxable in India.
Hence the Indian promoters of Flipkart (Sachin Bansal and Binny Bansal) who have sold their shareholdings, being Indian residents, they would also be liable to pay income tax in India on capital gains arising from such transaction.
“If the Indian promoters do not deposit the advance tax, they shall be liable to the interest implications under section 234B (interest for non-payment of advance tax) and 234C (interest for short-payment of advance tax) of the Act,” Nangia added.
Under section 234B, interest for default in payment of advance tax is levied at 1 per cent simple interest per month or part of a month. The penalty interest is levied on the amount of unpaid advance tax.
Under Section 234C, penal interest would be payable on the amount of advance tax payment short paid at the rate of 1 per cent simple interest per month.
Source: Press Trust of India
NEW DELHI: Bharti Airtel, India’s telecommunications services provider, today announced the launch of its ultra-fast 5G services in 125 cities. Airtel 5G Plus service is now available to customers in over 265 cities in the country.
Airtel 5G Plus has three compelling advantages for customers. First, it runs on a technology that has the widest acceptance in the world with the most developed ecosystem. This ensures that all 5G smartphones in India seamlessly work on the Airtel network. Second, the company promises to deliver the best experience – between 20 to 30 times higher speeds than today coupled with brilliant voice experience and super-fast call connect. Finally, Airtel 5G Plus network will also be kinder to the environment with its special power reduction solution. Powered by the reliable Airtel network infrastructure, Airtel 5G Plus will provide superfast access to High-Definition video streaming, gaming, multiple chatting, instant uploading of photos et all.
Commenting on the launch, Randeep Sekhon, CTO, Bharti Airtel said, “5G has revolutionized the world of internet, ushering new era of connectivity and communications that will prove to be a game-changer for the country. At Airtel, we remain committed to delivering the highest quality of network and service to our customers as we roll-out 125 more cities today. Airtel was the first in the country to offer 5G services in October 2022, and today’s mega launch is our promise to connect every Airtel customer in the country with ultra-fast Airtel 5G Plus. Our 5G rollout is on track to cover all towns and key rural areas by March 2024.”
Airtel 5G Plus service availability will continue to rapidly expand – including service in all towns and villages in the country soon – as the company is working towards offering nationwide coverage. Airtel is now offering its 5G services in every major city from the upper northern city of Jammu to the southern tip of Kanyakumari.
In the last one year, Airtel has demonstrated the power of 5G with a host of powerful use cases that will change the way customers lead their lives and do business. From India’s first live 5G network in Hyderabad to India’s first private 5G network at the BOSCH facility in Bengaluru to partnering with Mahindra & Mahindra to make its Chakan manufacturing facility, India’s first 5G enabled auto manufacturing unit, Airtel has been at the forefront of 5G innovation.
NEW DELHI: Apple Inc has rolled out a beta programme to enable 5G on Apple devices as the upgrade lets users try out pre-release software.
This software upgrade enables 5G access on Apple devices, as and when service providers Jio, Airtel and Vodafone enable 5G network access, sources said.
Apple Users have to enrol for the Beta Programme on the website, install a profile and download the software.
Jio users using iPhone 12 and above, in cities where JioTrue5G has been rolled out, will be invited to the Jio Welcome Offer. Jio Welcome Offer provides unlimited 5G data at up to 1 Gbps speed to users at no additional cost. However, there is a condition that prepaid users must be on active Rs 239 and above plan. All Postpaid users are eligible for this trial.
Airtel is not providing any special 5G offer like Jio to their users. In the cities/areas in which the Airtel 5G network has been launched, users can trial 5G services as a part of their existing plan, once they have updated the latest Apple Beta software.
While an email sent to Apple did not solicit an immediate response, the firm had last month stated: “We are working with our carrier partners in India to bring the best 5G experience to iPhone users as soon as network validation and testing for quality and performance is completed. 5G will be enabled via a software update and will start rolling out to iPhone users in December”.
Airtel and Jio customers on iPhone 14, iPhone 13, iPhone 12 and iPhone SE (3rd generation) models can experience 5G as part of Apple’s iOS 16 Beta Software Program. The Apple Beta Software Program is open to anyone with a valid Apple ID who accepts the Apple Beta Software Program Agreement during the sign-up process.
If a user has an iCloud account, that is an Apple ID, it is recommended they use that. If they do not have an iCloud account or any other Apple ID, they can create one.
Customers who want to try the beta software should back up their iPhones before installing the beta software. It is recommended to install the beta software only on non-production devices that are not business-critical. Users can also provide feedback to Apple on quality and usability, which helps Apple identify issues, fix them, and make Apple software even better.
The iOS beta comes with the built-in Feedback Assistant app, which can be opened from the Home screen on the iPhone or iPad or from the Dock on the Mac.
Source: Press Trust of India
5g
Nokia wins multi-year deal with Reliance Jio India to build one of the largest 5G networks in the world
NEW DELHI: Nokia has announced that it has been selected as a major supplier by Reliance Jio to supply 5G Radio Access Network (RAN) equipment from its comprehensive AirScale portfolio countrywide in a multi-year deal. Reliance Jio is India’s number one mobile operator and has one of the largest RAN footprints in the world.
Under the contract, Nokia will supply equipment from its AirScale portfolio, including base stations, high-capacity 5G Massive MIMO antennas, and Remote Radio Heads (RRH) to support different spectrum bands, and self-organizing network software. Reliance Jio plans to deploy a 5G standalone network which will interwork with its 4G network. The network will enable Reliance Jio to deliver advanced 5G services such as massive machine-to-machine communications, network slicing, and ultra-low-latency.
Akash Ambani, Chairman Reliance Jio, commented: “We are pleased to be working with Nokia for our 5G SA deployment in India. Jio is committed to continuously investing in the latest network technologies to enhance the experience of all of its customers. We are confident that our partnership with Nokia will deliver one of the most advanced 5G networks globally.”
Pekka Lundmark, President and CEO at Nokia stated: “This is a significant win for Nokia in an important market and a new customer with one of the largest RAN footprints in the world. This ambitious project will introduce millions of people across India to premium 5G services, enabled by our industry-leading AirScale portfolio. We are proud that Reliance Jio has placed its trust in our technology and we look forward to a long and productive partnership with them.”
Nokia has a long-standing presence in India. This new deal will mean that Nokia is now supplying India’s three largest mobile operators.
