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Walmart's tax woes post Flipkart deal may be far from over
Withholding tax, or retention tax, is an income tax to be paid to the government by the payer of the income rather than the recipient of the income. In case of the Walmart-Flipkart deal, the withholding tax pertains to the capital gains made by the shareholders of Flipkart. Following our Flipkart investment, we have completed our tax withholding obligations under the guidance of the Indian Tax authorities. Certain shareholders of Flipkart had last month approached the tax department seeking exemption from levy of the taxes.
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