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IT Department Search: Truecaller’s India offices raided to investigate transfer pricing regulations compliance.
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Transfer Pricing Concerns: Tax officials seek evidence on possible violations affecting profit allocation and taxes between India and other countries.
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Truecaller’s Response: Company assures cooperation, emphasizes commitment to transparent business practices.
India’s Income Tax Department conducted surprise searches at Truecaller’s offices in Gurugram to examine its adherence to transfer pricing regulations. The raids aimed to collect evidence on possible violations related to the company’s transfer pricing policies.
Truecaller, a popular caller ID and spam-blocking application, acknowledged the unannounced visits and assured full cooperation with the authorities. The company emphasized its commitment to transparent business practices as a publicly-listed entity. Truecaller stated that its transfer pricing policies adhere to internationally accepted standards, ensuring appropriate tax payments in both India and Sweden.
The company clarified that this action by Indian tax authorities is a routine audit, not a unique or ongoing tax investigation. Truecaller has over 400 million active users in India and recently introduced a new feature, Truecaller Fraud Insurance, to enhance user security amid increasing online scams.
