Tax obligations in Flipkart deal will be fulfilled: Walmart
US retail giant W al mart has assured the Indian income-tax department that it would fulfil all tax obligations on its proposed $16-billion Flipkart buyout, an official said. In May, the I-T department had written to the Walmart, saying that the US company can seek guidance about the tax liability under the I-T Act. This was after Walmart, on May 9, announced that it would pay about $16-billion to buy about 77 percent stake in Flip kart. Under Section 195 of the Act, anyone making payment to non-residents is required to de duct tax (commonly known as withholding tax).