By Aparna Deb,News18
Copyright news18
Marico Share Price: The Income Tax Department on Wednesday initiated a survey at consumer goods major Marico Ltd as part of a broader nationwide exercise.
Marico, the maker of household brands like Parachute, Saffola, and Livon, has yet to release an official statement on the development. Shares of the FMCG giant were down 0.78% at Rs 718.15 apiece on the BSE as of 10:38 AM. Further details on the scope and findings of the survey are still awaited.
What is an Income Tax survey?
A survey conducted under Section 133A of the Income Tax Act is different from a search operation. Although its scope is relatively limited, the powers granted are significant enough to detect potential tax evasion.
According to the Bombay Chartered Accountants Society (BCAS), only a few preconditions need to be satisfied before the Income Tax Authority can exercise these powers. During a survey, officials are authorised to inspect books of accounts and documents, place identification marks, and make extracts or copies.
They can also impound books or documents, though not beyond ten working days, without the approval of the Chief Commissioner or Director General.
If the person under survey declares that books or records are kept outside the business premises, the officers are permitted to visit and survey those locations as well.
