Walmart asks TDS to be taxed by September 7

New Delhi: It is time to complete its tax liability on Walmart, a giant American acquisition of Flipkart, India’s leading e-commerce company, till 7 September. For almost $ 16 billion, Walmart, which buys 77 per cent of Flipkart, may have to deposit more than 10 per cent of the deal.

Tax payment will be done by September 7
In May last, Walmart had announced the purchase of a decisive stake in Flipkart. Last week, the Indian Competitiveness Commission has also stamped the deal, after which the Income Tax Department has put its eyes on the next step of the American company. The Income Tax Department will wait for whether Walmart pays tax on the amount of the deal. For this, Walmart has time till September 7.

Company trusted trust
In fact, tax deduction (TDS) is to be done on the source when the company is paying dividends or interest to the outside company of India. Later, the amount collected for the TDS is to be deposited with the Income Tax Department. According to this rule, probably Walmart will also have TDS deducted at the time of payment of the amount to Flipkart’s promoter Flipkart Singapore. Wal-Mart has assured the income tax department that it will fulfill its tax liabilities. A US company spokesman said, “We take legal obligations seriously. It is also our responsibility to pay the taxes imposed by the government in the country where we do business. We will work with Indian tax officials. ‘