« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  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.