Notice to Vodafone after presidential assent

Tax authorities will issue a notice to British telecom major Vodafone for recovery of tax dues and penal interest soon after the Finance Bill, 2012, receives the presidential assent. Official sources said the notice under Section 201 and 220 (2) of the I-T Act, which talks about simple interest at one and a half per cent for every month the tax demand was raised, will also explain the retrospective amendment made by the government for taxing business deals that avoids tax in the country by showing them in a tax haven.