The Income Tax Department conducted raids on multiple offices of global caller ID platform Truecaller on Thursday in a tax evasion case.
The Stockholm-headquartered company stated that it is cooperating with investigators, according to official sources. As reported by Bhasha, tax officials mentioned that the purpose of the search was to gather detailed information and examine documents related to allegations of tax evasion, including issues surrounding transfer pricing (TP).
According to the information available on the company’s website, Truecaller has offices in Bengaluru, Mumbai, and Gurugram in India.
In a public statement, the company confirmed that on Thursday, November 7, Indian tax officials conducted an inspection at Truecaller India's offices.
Truecaller stated that it is fully cooperating with the officials at its offices. This inspection occurred without prior notice, and Truecaller is currently awaiting official confirmation and communication from the Income Tax Department.
Truecaller India stated that this is not an unusual event and that the company will fully cooperate with the relevant authorities.
The Sweden-based company emphasized that as a publicly listed entity, its conduct in taxation matters is entirely transparent.