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Flipkart deal: CBDT seeks tax details from US retail giant Walmart

The letter lists three sections of the Income Tax Act under which the deal is liable to be taxed

Flipkart deal: CBDT seeks tax details from US retail giant Walmart

To avoid the imbroglio seen during the Vodafone retrospective tax affair, the Central Board of Direct Taxes (CBDT) has written to the India arm of US retailing giant Walmart, seeking details of their due-diligence on tax liabilities arising from the $16-billion acquisition of e-commerce major Flipkart. And, has offered to help the company on the issue, if needed.   “CBDT has written to sensitise Walmart on the tax liability implications of the acquisition. It is not a notice. The idea is to help Walmart follow due process and pay tax as per the law. This is the first time the ...