The tax slap

March 18 2012

With a special aim, this time’s Budget has included backdate tax in the Finance Bill. The aim: Vodafone’s old debt. The issue is about a debt of nothing less than Rs 11,000 crore, where the company has escaped in the prelims, and the UPA government was the stock of jokes. Under this scheme, Vodafone owes 30 per cent of the debt. The company has already spent a fortune on its lawyers, and now the new tax slap.

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