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IT department asks Walmart to furnish tax break-up details on Flipkart deal: report

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The Income Tax Department has asked Walmart, which picked up a 77 percent stake in India's largest online retailer Flipkart, to explain the break-up of how much tax has been deducted from payment to every shareholder as they are not satisfied with the Rs 7,439 crore withholding tax deposited by the US retail giant, Times of India reported.

IT department asks Walmart to furnish tax break-up details on Flipkart deal: report
The Income Tax Department has asked Walmart, which picked up a 77 percent stake in India's largest online retailer Flipkart, to explain the break-up of how much tax has been deducted from payment to every shareholder as they are not satisfied with the Rs 7,439 crore withholding tax deposited by the US retail giant, Times of India reported.
The US retailer has been given time till September 27 to file the break-up with the tax department, the report said citing unidentified sources.
SoftBank and eBay, major shareholders in Flipkart, will have to pay 40 percent and 20 percent capital gains tax, respectively.
The tax department has asked Walmart to furnish details of the 46 shareholders of Flipkart and how much they have gained from the deal, the report added.
 
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