Flipkart founders receive tax notices
By MYBRANDBOOK
It is reported that the Income Tax Department has issued notices to Flipkart founders Binny Bansal and Sachin Bansal, who each owned a stake of over 5% in Flipkart, as well as to 35 other stakeholders. The IT Dept. had earlier landed a Rs 7,439 crore windfall from the $16 billion Walmart-Flipkart deal.
Notices were sent to the co-founders on October 18, asking them to explain the total payment received from the sale of their venture to Walmart, the capital gain tax liability and how the tax payments have been scheduled.
The Income Tax Department wanted Walmart International Holdings, the buyer of majority shareholders of Flipkart Singapore, to explain the break-up of how much tax has been deducted from payment to each shareholder. Walmart had reportedly responded to this IT notice last month, and the department reserves the right to write to the shareholders directly or question Walmart once again if it is unsatisfied with the response.
The Walmart-Flipkart mega deal is getting heightened scrutiny from the taxman because it triggers off different tax treaties, leading to plenty of confusion. For instance, Flipkart's parent is registered in Singapore and many of the investors who sold their stake in the company to Walmart hailed from different countries. The list includes US-based firms Tiger Global Management, Accel Partners and eBay, South Africa's Naspers, China's Tencent Holdings and Japan's SoftBank.
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