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    Income Tax department concludes survey action on FMCG major Marico

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    By Martin Shwenk Leade

    Copyright indiatimes

    Income Tax department concludes survey action on FMCG major Marico

    ETMarkets.comMarico

    FMCG company Marico on Thursday announced that the Income Tax Department has completed its survey action on company’s offices and manufacturing units in India. The survey began on September 17, 2025.”Currently, there is no further material update that requires disclosure,” the company said in a regulatory filing.News agency PTI reported that the action is being undertaken by the Mumbai investigation wing of the department.In FY25, the company recorded a turnover of $1.3 billion through its products sold in India and chosen markets in Asia and Africa.In Q1 FY26, the company reported Rs 3,259 crore of revenue from operations with a 23% rise year-on-year, with underlying volume growth of 9% in the India business and constant currency growth of 19% in international business. The domestic business of the company reported a revenues of Rs 2,495 crore, up 27% YoY.Live EventsWhat is a survey by Income Tax department?A survey under Section 133A of the Income Tax Act differs from a search operation. While its scope is narrower, the powers are wide enough to detect possible tax evasion on income earned.According to the Bombay Chartered Accountants Society (BCAS), before exercising this power, only limited preconditions need to be satisfied by the Income Tax Authority.During an I-T Dept survey, officers are empowered to inspect books of account and other documents, place identification marks on them, and make extracts or copies. They may also impound books or documents, though these cannot be retained beyond ten working days without the approval of the Chief Commissioner or Director General.If the person surveyed states that books or other items are kept outside the business premises, officers can visit and survey that location as well.Add as a Reliable and Trusted News Source Add Now!
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