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Last month, the tax department had written to Walmart saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act E-commerce major Flipkart has shared 'some details' with the I-T authorities on its USD 16 billion deal with US-based Walmart, but the tax department will act only after regulatory approvals have been obtained, an official said. The department is currently studying the details received from the company, the official said, adding that they can issue notices seeking details of taxes withheld once the transactions are completed. Last month, the tax department had written to Bentonville -Arkansas based Walmart saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act. Under Section 195 of the Act, anyone making payment to non-residents is required to deduct tax (commonly known as withholding tax). The official said Flipkart has filed "some details...

United States President-elect Donald Trump on Tuesday said the US will quit the   TRANS-PACIFIC PARTNERSHIP   ( TPP ) trade deal on his first day in the   WHITE HOUSE . The mega trade deal involves 12 Pacific rim nations including major economies like Japan, Australia, New Zealand and Canada. With a collective population of about 800 million, almost double that of the European Union’s single   MARKET , the bloc currently accounts for 40 per cent of world trade. While the free trade deal will see tariffs slashed between member nations to boost falling trade, sections within the US has argued it will further accelerate the slide in American jobs and production. Guessing that Trump does not go back on his decision, something he is known to do, India stands to benefit in a plethora of ways if TPP does not materialise. HERE ARE A FEW OF THEM:- 1) Access to lucrative US market to be cut for India’s export competitors: 2) The Regional Comprehensive Economic Part...