Income Tax Dept Raids Truecaller India Offices in Tax Evasion Case

Category-

On November 7, 2024, the Indian Income-Tax Department conducted a survey at the offices of Truecaller, a Swedish caller ID service, over alleged tax evasion. The company, headquartered in Stockholm, confirmed its cooperation with officials during the operation.

Authorities stated that the purpose of the survey was to gather detailed information and review documents linked to tax evasion claims, including transfer pricing practices. Unlike a comprehensive search operation, which covers residential and linked premises, a survey operation focuses only on business premises.

According to Truecaller’s website, it has offices in Bengaluru, Mumbai, and Gurugram. The company noted, “Truecaller’s India offices were visited by Indian Tax officials on Thursday, November 7, 2024. We are assisting the authorities to the fullest and are awaiting official communication from the tax department.” Truecaller reassured that this type of survey is routine and stressed their full compliance.

Also Read- How New Tax Rules Impact Your Mutual Funds Investments

Truecaller, being publicly listed, emphasized its transparency, mentioning that it has never faced tax investigations beyond standard audits. The company stated that their financial statements consistently receive unqualified audit opinions and that taxes have always been paid as required in India and other regions.

Additionally, Truecaller’s transfer pricing policy is designed to meet internationally accepted arm’s length standards and is reviewed independently to align with the tax laws of Sweden and India. The company reiterated, “Our approach ensures accurate tax payments as per both Swedish and Indian regulations.”

The company also highlighted having 425 million active users globally, offering services on Android and iOS platforms for number identification and spam blocking.

-Advertisement

Related articles

Tax Benefits: Government Has Announced 5 Big Tax Reliefs for Taxpayers

Recently, the government has announced certain tax benefits and compliance reliefs for the taxpayers who are facing hardships at the time of the pandemic....

Saudi Arabia Introduces 30 Year Tax Exemption- All You Need to Know

Saudi Arabia recently introduced terms and conditions for multinational companies (MNCs) to qualify for a 30-year income tax exemption upon relocating their regional headquarters...

Only One Day Left to File Your Income Tax Return: Try to Avoid These Mistakes at All Costs

After the pandemic cause, the deadline to file an Income Tax Return for years 2019-2020 has been extended to 10 January 2021. Merely one...

34% Tariff on China, Bigger Blow to Pakistan-Bangladesh Than India; Find Out How Much Tax Trump Plans to Impose on Each Country

U.S. President Donald Trump has announced Discounted Reciprocal Tariffs, introducing special taxes on imports from countries including India and China. Several Asian nations will...

Trump Tariffs: 145% Tariff on China, But Why Did India Get a 90-Day Exemption? Here Are 3 Major Reasons

U.S. President Donald Trump announced a 90-day delay on the implementation of the “Reciprocal Tariff,” declared on April 2, for all countries except China....

34% Tariff on China, Bigger Blow to Pakistan-Bangladesh Than India; Find Out How Much Tax Trump Plans to Impose on Each Country

U.S. President Donald Trump has announced Discounted Reciprocal Tariffs, introducing special taxes on imports from countries including India and China. Several Asian nations will...

Global Trade War- India Included in Trump’s Tariff List- Know Everything About Reciprocal Tariff

The world has entered one of the biggest trade wars, and amid this, US President Donald Trump made a major statement regarding tariffs on...

Budget 2025: Government Considering Income Tax Relief for Lower Brackets

The upcoming Union Budget 2025, set to be presented by Finance Minister Nirmala Sitharaman in February, may bring tax relief for the low-income group....