Vodafone Files Retro Tax Settlement With India

Vodafone has filed to settle the retrospective tax case with India to end the dispute. In its application, the British telecom firm has agreed to pay the centre against any future claims, according to a media report. Vodafone has applied under the new settlement law and will be issued Form 2 as the acceptance of the application, which will be the issue of refund of tax paid. It is noticed that the administration will refund Rs 44.7 crores to Vodafone as a tax settlement.

The progress came after Cairn Energy had failed to settle its retrospective tax dispute with the Indian government. Both Cairn Energy and Vodafone have asked for settlement after introducing new legislation to abandon the retrospective tax law. The centre had revised the Income Tax Act, 1961 and the Finance Act, 201, to scrap the retrospective tax introduced in 2012.

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