Sachin Bansal pays Rs 699 crore tax on gains from Flipkart
today Jan 2, 2019
Flipkart co-founder Sachin Bansal has made an advance tax payment of Rs 699 crore ($100 million) for the first quarter of 2018-19 which include his capital gains tax from the Flipkart-Walmart deal.
Walmart had acquired a 77 percent stake in e-commerce firm Flipkart in May last year for an estimated $16 billion (Rs 1 lakh crore).
After the multi-billion dollar deal, there were reports of tax evasions by various stakeholders including the co-founders Sachin and Binny Bansal.
The Income Tax Department had notified Walmart and sought details of around 46 Flipkart shareholders of Flipkart, including significant ones like SoftBank, Naspers, venture fund Accel Partners, Ebay and Bansals, who sold their holdings to Walmart.
Sachin’s payments are part of his advance tax obligation for the first quarter of the current fiscal year while his partner and co-founder Binny Bansal along with other stakeholders are yet to disclose the capital gains made on stake sale in the e-commerce platform, Times of India reported citing sources in the tax department.
Walmart is believed to have paid over Rs 10,000 crore ($1.5 billion) as taxes as part of its 77 percent acquisition of Flipkart.
However, the Income Tax Department is still calculating the exact amount of tax to be paid for the Flipkart transaction.
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