Truecaller raided in India for alleged tax evasion, firm says all okay
Truecaller- File photo
The Indian chapter of Swedish smartphone application Truecaller was raided by Indian tax officials on Thursday (Nov 7) over an alleged violation of transfer pricing regulation action. The raids were carried out at several locations, including Gurugram in Haryana state andBengaluru in Karnataka. The application, used for features like calling ID and spam blocking by more than 400 million customers in India, is under scrutiny for alleged tax evasion.
News agency PTI reported that the IT department officers conducted searches to gather information and peruse documents to detect potential tax evasion.
Later, Truecaller in a statement also confirmed its offices were visited by IT officials and said it was fully ready to cooperate with the authorities.
“This came without prior notice and Truecaller is currently awaiting official confirmation and communication from the tax departments,” the company said in a statement.
“This is not an uncommon practice and Truecaller will cooperate fully with the relevant authorities,” Truecaller added.
It also stressed that it is "not subject to any tax investigation in India outside the routine tax audits" and that it has "always paid all taxes due in India and all regions where it operates."
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Addressing the concerns over transfer pricing regulation, Truecaller said its policy is in line with international standards.
“The purpose is to ensure that Truecaller pays tax in a way that is correct from the perspective of both the Swedish and the Indian tax authorities. The policy is continuously independently reviewed to ensure that it meets the tax law requirements of both countries,” the company noted.
It's important to highlight that India is the biggest market for the Swedish company. In their financial report for July to September 2024, they stated that their monthly active user base grew by 12 per cent, reaching a total of 413.5 million users.
(With inputs from agencies)