Marico Limited, the FMCG giant behind brands like Parachute, Saffola, and Livon, confirmed in a stock exchange filing on Thursday that the recent Income Tax survey at its offices has had “no material impact” on the company’s operations.
Income Tax Survey at Marico
On Wednesday, around 200 Income Tax officials carried out a surprise survey at multiple Marico offices across India. The operation was conducted by the Mumbai investigation wing under Section 133A of the Income Tax Act.
Unlike raids or search-and-seizure operations, a survey under Section 133A is limited in scope but allows officials to:
- Inspect books of accounts and records
- Place identification marks
- Make copies or extracts of documents
- Impound books or documents for up to 10 working days (with further approval required for extension)
The company stated it is fully cooperating with the authorities as proceedings continue.
Section 133A: What It Means
A survey under Section 133A enables tax officials to verify financial records for any irregularities or suspected tax evasion. However, it does not authorize seizure of assets like raids. Officials may also survey other premises if the company declares that records are kept outside its main office.
Marico’s Market Position
Led by Chairman Harsh Mariwala, Marico is one of India’s leading FMCG companies with a strong presence both domestically and internationally, including West Asia and Africa. Its assurance of “no material impact” has helped ease concerns among investors and stakeholders.
