New Delhi: The Income-Tax department has written to Flipkart founders Sachin and Binny Bansal seeking to know the details of the income earned following their share sale to US retail giant Walmart and when they would be depositing the advance tax, an official said.
As per the Income Tax laws, both Sachin and Binny Bansal, being Indian residents, would be liable to pay 20 per cent income tax on the capital gains made from the sale of stake in Flipkart to the US-retail giant earlier in August.
The tax law requires both the Flipkart founders to deposit advance tax on the assessed income from the deal with Walmart with the government. About 75 per cent of that tax has to be deposited by December 15, 2018, and the remaining by March 15, 2019.
“As part of studying the Walmart-Flipkart deal, the international taxation division had written to Sachin and Binny Bansal asking them where they are assessed and where they would be filing their taxes. Since they file their income tax returns in Bangalore, the Assessing Officer there would now be in touch with them,” an official said.
In August this year, Walmart bought 77 per cent stake for $16 billion in Flipkart after buying out shareholding of as many as 44 shareholders, including significant ones like SoftBank, Naspers, Accel Partners and eBay. Sachin and Binny Bansal too sold their holding.
Walmart has already deposited Rs 7,439 crore tax for buying out stake from 44 foreign shareholders in Flipkart, since a substantial value of the
e-commerce giant’s shares is being derived from India....