« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.