Technology
Biggest tech merger in history to be called Dell Technologies

Michael Dell announced at the casino capital of the world that the biggest merger in tech history will be called Dell Technologies.

 
"It has a nice sound to it," the chairman and CEO of Dell, which last year announced the $70 billion merger with EMC, at the Venetian Convention Center where he was giving the keynote address at the annual EMC World Conference.
 
"The brand equity of Dell PC is irreplaceable," he said adding that he was partial to the family name. Dell Technologies will comprise Dell, EMC -- the leading global computing storage provider, VMware, Pivotal, Secureworks, RSA and Virtustream.
 
The combined enterprise business, though, would go by the name of Dell-EMC, he announced. The merger is awaiting regulatory approval from the US authorities as well as shareholder greenlight.
 
Taking a dig at rival HP, Dell said that his competitor was trying to grow by downsizing. 
 
"You cannot do that. But HP is trying to grow by investing less in R&D and software, all the while losing share to Dell," he said adding that his company was doing just the opposite. 
 
"We are investing in speed, agility and innovation and creating the essential infrastructure for the next industrial revolution," the tech celebrity said, pointing out that they were just one day short of the 32nd birthday of his company.
 
He said when he started out, he believed that IT was going to be force for change. He said it had democratised information, help cut poverty by half globally and a huge global middle class had emerged in different parts of the world because of it. "I am more energised and optimistic today."
 
He said the combined company, Dell and EMC, would stand at the centre of innovation and next big growth in IT. "Today, we stand at the centre of human progress and there is no other place I'd rather be," Dell concluded.
 
Joe Tucci, 69, chairman and CEO of EMC, who tried out his balancing act on a "hover board" because he was dissuaded from doing so "because of my age," also announced that he was stepping down from the position. He got a prolonged standing ovation from the EMC and Dell employees who came to witness announcements of their merger. 
 
Tucci said that "something great and something truly special" would emerge out of the two giants coming together. Saying that everyone had to be prepared for the coming digital revolution, which would "dwarf the industrial revolution" in terms of innovation and change.
 
More than 10,000 visitors, including vendors, employees and media are expected to come for the EMC Word, which started its annual expo and conference in 2001.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Over 55 percent individual assesses paid no tax
New Delhi:  More than 55 percent of the 28.77 million individual assesses in India who filed their returns for 2012-13 paid zero tax, while three at the top-end had to shell out as much as Rs.437 crore collectively, as per latest data from the finance ministry.
 
As per the Central Board of Direct Taxes, which released income tax filing statistics for the first time, 5,430 individual assesses had an income of above Rs.1 crore, and paid a tax of 13,822 crore collectively.
 
Only eight people had an income between Rs.50 crore and Rs.100 crore while three people had an income between Rs.100 crore and Rs.500 crore during 2012-13, according to the report. 
 
No person in the country had an income above Rs.500 crore in 2012-13, the report said.
 
The maximum taxpayers -- 38.7 percent -- were in the income range of less than Rs.1,50,000, who paid a total of Rs.23,446 crore as taxes. It is also the segment from which maximum taxes came from in 2012-13.
 
Individual taxpayers with an income between Rs.1.5 lakh and Rs.5 lakh constituted 3.46 percent of the total taxpayers. They paid a combined tax of Rs.26,797 crore, it said.
 
According to the 2012-13 data, 11,077 people had an income between Rs.50,000 and Rs.1 lakh and paid a combined tax of Rs.7,474 crore.
 
A total of 1.4 lakh individual assessees, with an income between Rs.10 lakh and Rs.50 lakh, paid Rs.26,886 crore in taxes while 2.4 lakh taxpayers with an income between Rs.5 lakh and Rs.10 lakh paid Rs.16,131 crore collectively, the report said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Amratlal

7 months ago

Reduce Tax rates to encourage people to pay rather than learn to avoid.
Remove corrupted IT officers and offer good salary so they have no option but be Honest and encourage revenue.
Check the expenses to get correct figure of income and penalize those found guilty of tax avoiding's.
Reduce or avoid Sale Tax at point of retail,Tax at source instead.

Suketu Shah

7 months ago

Ideal reason to levy bank transaction tax and shut down IT offices.No ITax,no cheating,no tax avoidance.

D S Ranga Rao

7 months ago

That once again shows India is a "rich country" with "poor" people including Vijay Mallya and of ilk, the politicians those who evade taxes because of their power and influence, the industrialists, business tycoons, the stardom, who can manipulate their figures of profit and loss, etc. Therefore, no wonder, India continues to be poor, backward and underdeveloped for centuries to come. All the so called apparent development is chimerical only, not contributing to the sustainable economic growth of the country and happiness index.

Vijay Mallya resigns from Rajya Sabha
New Delhi: Liquor baron Vijay Mallya, whose passport has been revoked by the government, on Monday resigned from the Rajya Sabha.
 
He sent his resignation to Rajya Sabha Chairman Hamid Ansari on Monday, sources said.
 
The resignation has come after the Ethics Committee of Rajya Sabha unanimously recommended the expulsion of the liquor baron from the upper house of Parliament. 
 
Mallya, wanted for defaulting bank loans to the tune of Rs.9,000 crore, was an Independent member of the Rajya Sabha from Karnataka. He was given a week's time, ending Tuesday, to put in his papers. 
 
According to Parliament sources, during his tenure of almost 10 years as member of the Rajya Sabha, Mallya had been declaring his assets and liabilities as "nil".
 
The union government too had revoked Mallya's passport after he failed to turn up for a probe into a Rs.9,431 crore default of loans from Indian banks. This has set in motion the process for the billionaire's possible deportation from Britain, where he is staying at present.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Saumil Mehta

7 months ago

Do our MPs get all sort of allowances and perks even if they are NRIs or are on study tours abroad?

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