WalMart-Flipkart Deal: Deadline of 7th Sept by Income Tax Department to clear Tax

Income Tax Department Walmart will wait till September 7 for payment of tax. Wal-Mart Inc., a US retail company, acquired a whopping 77 percent stake in Flipkart for $ 16 billion in August. If talking about income tax law provisions, then Walmart will have to pay tax on the payment to the shareholding tax and deposit the tax department by September 7.

According to information received from an official of the department, after the payment of Walmart's payment to 44 shareholders of the company that has sold shares from Flipkart, the Income Tax Department will take further action in this matter.

According to officials of income tax department, Wal-Mart has not yet contacted the Department regarding the tax withholding tax. However, some of Flipkart's shareholders have asked the department about their tax liability.

The official said that in this case, any action can be taken only if the tax payment deadline is completed. Once the tax is paid, the tax department will investigate whether Walmart has correctly deposited tax according to the department's assessment. If Walmart is unable to do so, then the reason for not deducting the tax deducted from him and the correct amount will be asked.