The government is likely to announce some steps to deal

with the complex issue concerning indirect transfer of Indian assets through overseas deals in the Budget for 2013-14 which will be unveiled in the Lok Sabha on February 28 The Vodafone tax liability arose due to amending of the Income Tax Act, 1961, with retrospective effect during the tenure of the then Finance Minister Pranab Mukherjee to undo the Supreme Court judgement that had ruled in favour of the company. The government is working towards a solution based on recommendations of the Parthasarathi Shome panel which suggested that either the government withdraw the retrospective tax amendment or waive interest and penalty in case it had to recover the taxes. MNCs like Shell and Nokia have expressed concern over the letters being sent by the tax authorities with regard to duty evasion. Last month, I-T department officials had conducted a survey operation in the premises of the Finnish cellphone major Nokia in Chennai on charges of alleged tax evasion. Taxmen are reportedly seeking up to Rs 3,000 crore from Nokia for alleged duty evasion.