Income tax (IT) department is probing a tax evasion case against Nokia, IT department has released an interim report accusing Nokia for tax and transfer-pricing violations to the tune of Rs.13,000 crore or $2.4 Billion.
In the month of January IT department surveyed Nokia’s factory in Chennai and its corporate offices in Gurgaon. It also questioned officials at audit firm Price water and Company for the tax violations. The IT department has alleged many changes were made in the accounting policies and re-organized processes to bypass certain direct and indirect taxes.
A statement issued by Nokia said, “Nokia is fully cooperating with the Indian tax authorities. We are duly responding to all queries raised by them and extending our full support in completing the investigation.”
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