IT Department surveys Truecaller offices in India over transfer pricing compliance

On Thursday, the Income Tax Department conducted surveys at Truecaller's offices in Mumbai and Gurugram. Truecaller, a Swedish firm renowned for its caller ID app, faced inquiries regarding potential tax issues, particularly surrounding transfer pricing practices.

In response, Truecaller confirmed the department’s visit but clarified that it’s not under tax investigation beyond routine audits in India. As a publicly listed company, Truecaller reiterated its commitment to transparency, emphasizing its consistent compliance with tax laws across all regions where it operates.

The company highlighted that its financial statements have consistently been audited without issue. Truecaller stated, "Our intra-group transactions are guided by the internationally accepted arm's length principle, ensuring that taxes are appropriately paid in Sweden and India." It also noted that its transfer pricing policies are reviewed periodically to align with evolving tax laws in both countries.