IT men hopeful of netting huge catch from Nokia

Income Tax authorities are hopeful of recovering a huge sum of money from Nokia India for its alleged tax evasion, which might run into crore of rupees, according to an investigating officer. Currently, the office of Director General of Income Tax, Chennai, is trying to wrap up the probe, and find out the tax liability arising out of non-payment of Tax Deducted at Source on software supplies to Nokia’s parent company in Finland. As all the payments are made in US dollars, we are yet to fix a particular rate to quantify the exact tax liability.” About 20 officials carried out the search under section 133A of the Income Tax act at the Nokia India Sriperumbudur factory and Gurgaon Corporate office premises on Tuesday. In a press release two days ago, the company had said it was cooperating with the tax investigation and added that it always observed applicable laws and rules in the countries where they operated.