By Gireesh Babu
The Income Tax (I-T) Department, which is investigating the alleged tax evasion of Rs 2,500-3,000 crore by Nokia, has said the enquiry would be completed in a month, adding it would collect the amount before the end of this financial year.
A senior I-T official said, "We will be able to get at least Rs 2,500-3,000 crore of tax from them (Nokia). We will complete it (the enquiry) fast, may be within a month, because this is a huge amount. Before March 31, we will collect the amount."
Responding to an email from Business Standard, a Nokia spokesperson said, "Nokia is fully cooperating with the local tax authorities to ensure they get the necessary information for their inquiry. As a global company, Nokia consistently fields a large and steady number of tax queries, audits and assessments. Nokia's commitment to being a good corporate citizen is firm and unwavering. We always observe applicable laws and rulings in the countries where we operate. This has been a core principle of our operations in India, where Nokia has been present since 1995."
Meanwhile, an official said the department had questioned representatives from the company for the second consecutive day.
The department is initially carrying out the procedural part of the investigation - quantifying, passing an order and collecting the tax. Quantifying is being carried out for the last six years. As payments to the parent company were made in dollars, the calculations had to take into account the exchange rate at that time, said a source, adding the department also had to calculate the interest on the sum.