Government compiling list of tax defaulting foreign companies: Jayant Sinha

New Delhi: Certain foreign companies have failed to clear tax dues, and a list of defaulters is being compiled for necessary action, Parliament was informed. The income tax department has assessed as many as 8,354  foreign companies in India. "There have been instances where certain foreign  companies have failed to pay taxes due from them. The company-wise and year-wise details of such companies that have failed to pay the taxes due during (last three years and the  current year) are being compiled," said Minister of State  for Finance Jayant Sinha.  

Sinha, in a written reply to the Lok Sabha, further said  necessary actions and proceedings under the I-T Act are being  taken, wherever required, to ensure any loss of revenue to the  exchequer is prevented. The actions include initiating proceedings of assessment  and reassessment for determination of taxable income and  recovery of unpaid tax.  Furthermore, he said that in cases where it's suspected  that the assets of a company may be alienated or moved out of  India to thwart recovery, assets are provisionally attached.