Income Tax authorities, which had previously asked Walmart to explain the logic behind its tax deductions on the $16 billion Flipkart deal, have the option to seek more clarifications from the US retailer once they study the reply.

As many as 44 shareholders of Flipkart, including significant ones like SoftBank, Naspers, venture fund Accel Partners and eBay, had sold their holdings to Walmart.

As per the provisions of the I-T law, Walmart has to deduct withholding tax on payments made to sellers and deposit it with the Indian authorities on the seventh day of the subsequent month, which falls on September 7.

The buzz is that the Income Tax department stands to make a whopping $2 billion from the $16 billion Walmart-Flipkart deal.

Several members from the eBay team have been integrated with Flipkart's 2GUD team.

The Walmart-Flipkart deal is expected to help the government rake in up to Rs 13,700 crore.

India's refurbished goods market is flourishing on a smartphone boom, changing consumer attitudes and business models.

Flipkart's new platform will have a different target audience and have a different value proposition than the parent company.

E-commerce companies are now more conscious than ever about employee benefits.

The tax department is currently studying the details received from Flipkart, said an official, adding that they can issue notices seeking details of taxes withheld once the transactions are completed.

The deal is getting heightened scrutiny because of the different types of taxes applicable on it as well as the ambiguity created by last year's changes to applicable bilateral tax treaties.

PNB scam: RBI declines to share copies of inspection reportsThe Reserve Bank of India (RBI) has declined to share inspection reports for scam-hit Punjab National Bank (PNB), citing RTI clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons. Replying to an RTI query, the central bank also said it does not have \"specific information\" on what resulted in detection of over Rs 13,000 crore scam at PNB and di...

While short-term capital gains tax in the hands of foreign investors is 40 per cent, long-term capital gains tax is levied at 20 per cent for shares sold after 24 months of purchase.

Building Flipkart into one of the world's most-valued tech companies will certainly be one of Sachin's legacies, says Binny Bansal.

Four of Flipkart's biggest investors had agreed to sell their stakes to Walmart, but the newest and biggest investor, SoftBank, which invested $2.5 billion in the company, will take away a bigger pie - $4 billion - out of the mega-deal.