6 Companies on Indian IT Department's "Most Wanted" List

Bangalore: The Indian income tax department is highly active and their activeness has put few of the big Multi National Companies in little bit trouble. A wave of high-profile tax demands on quite a few multinational companies (MNCs) such as Cadbury, Shell, Nokia and Vodafone were splashed by the Indian income tax department. Cadbury has been asked to explain why it shouldn’t be held liable for 252 crore i.e., $45 million in unpaid taxes dating back to 2010. Read on to know the companies that are the Indian income tax department’s “most wanted”.

1. Cadbury

Liable Tax Amount: 252 crore

A show cause notice raising a demand of 252 crore has been served on confectionery major Cadbury India Limited for alleged excise duty evasion. The company was accused of creating a “phantom factory”, a factory that didn’t exist to duck taxes which amounted to 252 crore. During its investigation, the officials found that the company claimed excise duty exemption for its new unit in Sandoli village in Baddi, relating to a period even before it came into existence, the sources said to PTI.

2. Nokia

Liable Tax Amount: 13, 000 crore

One more company that made to the list of the income tax departments “most favorite” was the Finland based phone maker, Nokia Corp. Sleuths from the apex financial body of the country have supposedly stipulated 13, 000 Crores $2.5 billion in tax money. Authorities in the Income Tax department suspected that the company has not paid tax in India for the software it runs on its mobile phones. Nokia led Indian mobile market with 22.2 per cent market share during first half of 2012 where 102.43 million handsets were sold, a CyberMedia Research said.

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