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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...

The sale of Flipkart is not just the sale of one company. It is the beginning of a new tomorrow. It is just that one cannot be sure whether that tomorrow will be better for India than today When Carl Douglas McMillon, president and chief executive officer of Walmart Inc, arrives at the Embassy Tech Village headquarters of Flipkart in Bengaluru later on Wednesday to acquire India’s first-to-a-billion-dollars-startup, he will be accompanied by Walmart International’s Judith McKenna and CEO (commerce) Marc Lore. It will be a triumphal return to India for the Bentonville, Arkansas-based retailer which will be partnering Google’s parent Alphabet Inc in a deal estimated at $18-20 billion enterprise value – Walmart will own about 60 per cent stake, and Alphabet will get to own about 15 per cent of the online market place. The passage of the past five years has obviously dulled memories. All recent media reports seem to have conveniently glossed over the history of Walmart’s prev...

Wal-Mart buying Jet.com to lift online sales, battle Amazon Wal-Mart Stores Inc, vying to better challenge Inc, will pay about $3 billion for internet retailer Jet.com   and its innovative pricing software in the largest-ever deal for an   e-commerce start-up. The deal disclosed on Monday follows a five-year e-commerce acquisition spree in which Wal-Mart , the world's biggest traditional retailer, has already bought 15 start-ups, seeking the talent and technology needed to make it a dominant player online and narrow the massive gap with market leader   Amazon . Wal-Mart's online division has underperformed against Amazon, posting its slowest growth in a year in the first quarter as it struggled to gain traction with consumers, especially millennials. Jet.com   was launched by internet entrepreneur Marc Lore in July 2015 and includes software that can offer a customer lower prices as they add items to their shopping cart. Wal-Mart has said it would integra...

Walmart rips up China online strategy, starts again with stake in Alibaba rival Walmart   Stores Inc has sold its Chinese   online   grocery store in return for a stake in the country's no. 2   e-commerce   firm, ripping up its previous strategy in efforts to cure ailing sales in one of the world's toughest retail markets. The deal will see the US grocery giant swap its Yihaodian platform for a 5% stake in Inc, worth about $1.5 billion by the firm's latest market value. The move also gives Walmart a ringside seat in bitter rivalry with Chinese e-commerce leader   Alibaba   Group Holding Ltd. The sell-off, announced on Monday, is a significant shift for Walmart in China, where it operates more than 400 bricks-and-mortar stores. The firm has been shuttering underperforming outlets and grappling with soft online sales in the world's second-biggest economy since it bought full control of Yihaodian in July last year, saying the site would play a l...

Armed man took 2 hostages inside Amarillo Walmart store, fatally shot: Police Officers fatally shot an armed man inside a  Walmart  store in  Amarillo  after he took two people hostage, including a manager with whom he had a work-related dispute, according to the police. Amarillo police yesterday said neither hostage was injured and identified the suspect as 54-year-old Mohammad Moghaddam. The police didn't release any details about Moghaddam, including whether he was former employee or what may have led up to the incident. Officers responded to a reported  shooting  at the store around 11 a.m, amid reports that an armed person was inside and may have had hostages. Police later said officers made their way inside the store and that a police SWAT crew shot the suspect, though they didn't immediately say whether the man had died. No other injuries were reported. In a brief statement late yesterday afternoon, police confirmed that Moghaddam...