Flipkart deal: Taxman expects Walmart's withholding tax filing in 15 days

Development follows CCI nod to Flipkart-walmart deal; US retail giant will have to withhold a part of its payment for 77% stake purchase, and deposit the amount so withheld as capital gains tax

TThe income tax (I-T) department expects US-based retail giant Walmart to seek the withholding tax certificate arising out of the $16-billion Flipkart acquisition within a fortnight.

The withholding tax certificate will help determine tax liability on buying 77 per cent stake in Bengaluru-based Flipkart deal that got a nod from the Competition Commission of India (CCI) on Wednesday.

“Now that CCI nod has come, Walmart is expected to close the deal within a week. We expect them to file with the I-T department seeking withholding tax certificate under section 197 in the next 15 days,” said an income tax official on the