Sachin Bansal pays an advance tax of Rs.699 crore on gains from Flipkart
By MYBRANDBOOK
As per a news source, Sachin Bansal, Founder of the e-commerce platform Flipkart, has deposited an advance tax of Rs.699 for the first quarter of 2018-19. The amount includes capital gains tax from his income on sale of Flipkart stake to the US-based Walmart. His partner and co-founder Binny Bansal is yet to disclose the capital gains made on his stake sale in the e-commerce platform.
Notices were sent by the Income Tax Department to both the founders of Flipkart, along with other stakeholders to disclose capital gains made by sale of their shares. Similar notices were served on Walmart to ensure it pays withholding tax on capital gains made by foreign stakeholders of Flipkart. Months after Walmart acquired 77% of Flipkart’s share for around $16 billion, the company paid Rs.7,440 crore to the I-T Department as withholding tax last year.
The Bansals have not explained the total payments received from the sale, the capital gains liability and also how the tax payments have been scheduled. Flipkart is a Singapore-registered company, and SoftBank and eBay were its major shareholders before it was acquired by Walmart.
A capital gains tax of maximum 40% may be applicable on SoftBank. eBay will also have to pay short-term capital gains tax, but its rate of tax is likely to be 20%, taking into consideration DTAA (Double Taxation Avoidance Agreement) with Singapore. The Tax Department is yet to calculate the actual capital gains tax applicable in the deal as it is investigating the complex structure of investments made in Flipkart Ltd (Singapore).
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
SAMSUNG INDIA ELECTRONICS LTD.
HAVELLS INDIA LTD.
NETWEB TECHNOLOGIES INDIA LTD.
TALLY SOLUTIONS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
ICONS OF INDIA : SACHIN BANSAL
Sachin Bansal is an Indian entrepreneur. He is best known as the found...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
PARTNER SPEAKERS
PSU
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
