Richie Rich: Flipkart's Sachin Bansal deposits 699 Crore as tax

New Delhi: Following the notices Sachin and Binny Bansal had been served from the IT department to disclose capital gains made by sale of their shares in Flipkart, Mr. Sachin has deposited Rs 699 crore as advance tax for the first quarter of 2018-19 that includes capital gains tax on sale of Flipkart to Walmart.

Similar notices were served on Walmart as well. Walmart had paid Rs 7,440 crore to the I-T department as withholding tax, months after it acquired 77% shares of Flipkart costing the US retail giant around $16 billion. The company was later asked to furnish details of 46 shareholders of Flipkart, how much each of them had gained from the deal. 

Not satisfied with the withholding tax deposited with the government, the I-T department further asked 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.