« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Punjab's tax base shrinking: Minister... Now chit funds to pay service tax... » MNCs owe government Rs 8,020-cr in taxes August, 25th 2007 The Income Tax Department has issued notices to recover Rs 8,020 crore of additional taxes from foreign companies as on July 31 this year, the Lok Sabha was informed on Friday. The additional taxes demanded and outstanding from foreign companies are to the tune of Rs 8,020 crore as on July 31, 2007, Minister of State for Finance S S Palanimanickam said in a written reply. The I-T Department has issued notices to all these companies for payment of additional tax demanded in accordance with the provisions of the Income Tax Act, he said. Appropriate action under the law has been undertaken to recover the outstanding demand, the minister said. The declared income of foreign companies is subject to scrutiny under the provisions of the Income Tax Act, as a result of which additions to the total income have been made in some cases, he said. Such additions emanate from taxability of certain incomes on the ground of their being permanent establishment, disallowances of expenses and difference with regard to the interpretation of tax treaties, he said Certain adjustments to the income have also been made on account of transfer pricing regulations, Palanimanickam said.