« 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 «  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.