The Revenue Tax Division performed a survey at ‘Truecaller’ places of work in Mumbai and Gurugram on Thursday, reportedly in reference to alleged switch pricing violations, official sources informed ANI.
The survey aimed to gather info and look at paperwork associated to doable tax evasion, focusing notably on switch pricing practices.
Truecaller, the Swedish firm behind the favored caller ID app, confirmed the Revenue Tax Division’s motion.
An organization spokesperson acknowledged: “On Thursday, November 7, 2024, Indian tax officers visited Truecaller’s places of work in India. Truecaller is at the moment cooperating totally with the authorities. This go to was unannounced and we’re awaiting formal communication from the division “Such visits are usually not unusual, and Truecaller will proceed to help authorities as vital.”
Truecaller emphasised that it operates transparently as a listed firm and acknowledged that it’s not underneath any tax investigation in India past routine audits. The corporate mentioned it has persistently paid all taxes due in India and different areas the place it operates, and its monetary statements acquired an unqualified audit opinion.
Relating to switch pricing, Truecaller clarified that its coverage for intra-group transactions adheres to the internationally accepted arm’s size precept, making certain that it pays taxes appropriately in each Sweden and India. The coverage is reviewed periodically to adjust to the tax legal guidelines of each international locations.
