Nokia has been raided by Income Tax Department in its Indian manufacturing facility.
On Saturday Jan 8th, Chennai and Gurgaon facilities of Nokia were raided by about 30-40 inspectors from the income tax department under the section 133 of the IT Act, the Press Trust of India reported quoting sources.
NDTV said: "NDTV's independent sources have said that the raids are in connection with the parent company supplying components to its Indian unit at a higher price so that the profit of the latter gets reduced, and as a result less tax has to be paid."
According to reports, the unpaid income tax is about Rs 3000 Crore. Nokia has confirmed about the raids and said that it was co-operating fully with the authorities.
On Saturday Jan 8th, Chennai and Gurgaon facilities of Nokia were raided by about 30-40 inspectors from the income tax department under the section 133 of the IT Act, the Press Trust of India reported quoting sources.
NDTV said: "NDTV's independent sources have said that the raids are in connection with the parent company supplying components to its Indian unit at a higher price so that the profit of the latter gets reduced, and as a result less tax has to be paid."
According to reports, the unpaid income tax is about Rs 3000 Crore. Nokia has confirmed about the raids and said that it was co-operating fully with the authorities.