Sachin & Binny Bansal served IT notices, to disclose income from Walmart-Flipkart deal

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The Income Tax (IT) department has issued notices to Flipkart founders Sachin and Binny Bansal, along with 35 other stakeholders, to disclose their total income from the mammoth $16 billion Walmart-Flipkart deal and the capital gains accrued, according to various media reports.

Both Sachin and Binny Bansal had over 5% stake each in the Indian e-commerce giant.

“There was a query received with regard to sale of shares and payment of advance taxes. It happened a few months ago and I had already responded to the same,” Binny told TOI when asked about the I-T notice.

Earlier, a notice was served to Walmart by the IT department, asking the US-based retailer to furnish details of 46 shareholders of Flipkart, showing the gains made by each of them from the deal.

After the IT notice, Walmart had deposited ₹7,439 crore with the I-T department as withholding tax on account of payments made to non-resident shareholders of the company.

The IT department further asked Walmart, to explain the break up of how much tax had been deducted from the payment made to each stakeholder, to further clarify the matter.

Prior to the Walmart’s acquisition of Flipkart, Japanese conglomerate SoftBank and eBay, were its major stakeholders.

The tax department is yet to calculate the actual tax applicable since it is still investigating some alleged suspicious transactions and investment flow in the company.

Earlier this month, it was reported that Walmart has increased its stake in Flipkart to 81.3% from 77%.

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