Truecaller offices in India hit by Income Tax Department raid

Truecaller, the Swedish company behind the popular caller identification app, confirmed the Income Tax Department's action.

The survey aimed to gather information and examine documents related to potential tax evasion. (Truecaller)

The Income Tax Department conducted a survey at the offices of "Truecaller" in Mumbai and Gurugram on Thursday, reportedly in connection with alleged transfer pricing violations, official sources told ANI.

The survey aimed to gather information and examine documents related to potential tax evasion, particularly focusing on transfer pricing practices.

Truecaller, the Swedish company behind the popular caller identification app, confirmed the Income Tax Department's action.

A company spokesperson stated, "On Thursday, November 7, 2024, Indian tax officials visited Truecaller's offices in India. Truecaller is currently cooperating fully with authorities. This visit was unannounced, and we are awaiting formal communication from the tax department. Such visits are not uncommon, and Truecaller will continue to support the authorities as required."

Truecaller emphasized that it operates transparently as a publicly listed company, stating that it is not under any tax investigation in India beyond routine audits. The company assured that it has consistently paid all taxes due in India and other regions where it operates, with its financial statements receiving an unqualified audit opinion.

Regarding transfer pricing, Truecaller clarified that its policy for intra-group transactions adheres to the internationally accepted arm's length principle, ensuring that it pays taxes appropriately in both Sweden and India. The policy is regularly reviewed to remain compliant with the tax laws of both countries.