« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  RTI on I-T refunds... Why have a new I-T Act at all?... » MNCs may have to shell out Rs 12k cr in I-T August, 04th 2007 The Income-Tax department intends to collect Rs 2,000 crore more this year from multinational corporations operating in India. If it meets the target, MNCs would fork out Rs 12,000 crore as income tax. Out of the over 3,000 MNCs in India, those headquartered in Mumbai may cough up around Rs 7,000 crore in tax during the current financial year. The projection excludes the capital gains tax the department is planning to levy on M&A (mergers & acquisition) moves like the Hutch-Essar deal. Sources said foreign entities have become more transparent in their dealings with the tax department, thanks to the actions initiated by its international tax division against some foreign banks. Another compelling factor is the strict transfer pricing rules that were put in place since 2001. The department had levied an additional tax of around Rs 1,100 crore last year from foreign entities after verifying the tax returns filed by them. Of this, a sizeable part came from international banks, seemingly the biggest beneficiaries of the countrys booming economy. Foreign banks top the chart of largest tax-paying overseas entities operating in India. During the fiscal year ended March 2007, Standard Chartered Bank, HSBC and Bank of America topped the chart of MNC taxpayers, with each of them paying between Rs 500 crore and Rs 800 crore. However, if the international tax division succeeds in generating capital gains tax out of the recent M&A transactions, the collection will rise manifold. It is learnt that the I-T department has completed the groundwork to have a legal framework for making them pay capital gains tax.