« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  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.