The FICCI FLO Kolkata Chapter successfully organized an insightful panel discussion on the topic ‘How to Handle Income Tax Search’, bringing together esteemed experts to shed light on the intricacies and best practices of navigating income tax searches. The event was moderated by Dipti Khaitan, a dedicated committee member of FICCI FLO Kolkata, and Shradha Murarka, Chairperson of FICCI FLO Kolkata, 2024-25.
The panel featured three distinguished speakers: Mr. R. S. Upadhaya, with his extensive experience in tax administration and policy enforcement as the former Director of the Investigation Wing and Chief Commissioner of Income Tax; Mr. Narayan Jain, a trusted income tax advisor and author known for simplifying tax laws and guiding taxpayers in managing income tax searches and surveys; and Mr. Pramod Dugar, Director at Indian Gem and Jewellery Creation Pvt. Ltd and a government-authorized jewellery valuer, who emphasized the importance of proper documentation of jewellery.
Mr. R.S. Upadhyay, former Chief Commissioner of Income Tax, enlightened shared the reasons due to which an Income Tax Search may be conducted in any premises. He explained that a lawyer cannot be called during search as a matter of Right, but department may allow in some cases. He also suggested how to explain cash found during search. Advocate Narayan Prasad Jain said that, “While conducting a search at a residence a lady officer is generally accompanied”. Tax Advisor & Author Mr. Jain shared the tips of the role of ladies if no male member is at home. He also told the rights of taking two respectable witnesses from the premises or nearby places to be present during the search. Jain advised that a certain amount of jewellery which is shown in wealth tax or valuation report is generally not seized. Central Board of Direct Taxes has instructed that even if there is no wealth tax file gold ornaments upto 500 gms Per married lady and 250 gms in case of unmarried lady are not seized. In case of male member this relief is upto 100 gms per person.
Pramod Dugar, Owner of Indian Gem& Jewellery Creation and registered with the Ministry of Corporate Affairs, discussed about how to explain jewellery found during search. He advised to take remaking bill in case any jewellery is converted. Mr. Upadhyay and Mr. Jain advised to keep supporting papers in case jewellery was received on the occasion of marriage or other function from relatives. Ms Shradha Murarka (Chairperson FLO Kolkata ) and Ms Dipti Khaitan moderated very well. Many members actively participated and asked interesting questions which were answered by the speakers.
“It was an eye-opening experience for our members to learn about the intricacies of income tax searches from esteemed experts like RS Upadhyay ji , Adv Narayan Jain ji , and Pramod Dugar ji . The session clarified many myths and concerns, empowering our members with knowledge on how to handle such situations with confidence. As Chairperson of FLO Kolkata, I am grateful to our speakers and proud of our members who actively participated and took away valuable insights. We aim to continue to organize such informative events to support and uplift our community – commented by Shradha Murarka, Chairperson, FLO Kolkata.
The session underscored the significance of being well-prepared and maintaining thorough documentation to minimize risks and streamline the process during an income tax search. The audience departed with a profound understanding of their rights and responsibilities, armed with practical and expert tips from the esteemed panelists to effectively navigate potential tax searches.
About FICCI FLO:
Established in 1983, FLO is the women’s wing of the Federation of Indian Chambers of Commerce and Industry (FICCI), the apex body of industry and commerce in India. FLO has 20 chapters across the country, including Ahmedabad, Amritsar, Bangalore, Bhubaneswar, Chennai, Coimbatore, Hyderabad, Indore, Jaipur, Kanpur, Kolkata, Lucknow, Ludhiana, Mumbai, Northeast, Pune, and Uttarakhand, with its head office in New Delhi. FLO’s members comprise entrepreneurs, professionals, and corporate executives, committed to promoting women’s economic empowerment and leadership.
