Quick Summary
Life Insurance Corporation of India (LIC) has garnered a significant tax refund of Rs 21,740.77 crore from the Income Tax Department for assessment years spanning from 2013 to 2020. This substantial injection of funds underscores LICs financial robustness and signifies a positive turn of events for the renowned state-owned insurer. Regulatory Filing Details In a regulatory disclosure, LIC revealed that it had received refund orders totaling Rs 25,464.46 crore across multiple assessment yea
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
LIC has received a tax refund of Rs 21,740.77 crore from the Income Tax Department.
The refund covers assessment years from 2013 to 2020.
The refund pertains to interim bonuses that were disbursed to policyholders over the preceding seven assessment years.
The Income Tax Appellate Tribunal (ITAT) issued notifications for a refund of Rs 25,464.46 crore. While Rs 21,740.77 crore has been disbursed, LIC is working to secure the remaining balance.
In the December 2023 quarter, LIC reported a 49% increase in net profit, reaching Rs 9,444 crore, and its net premium income rose to Rs 1,17,017 crore.
Yes, the LIC board has approved an interim dividend of Rs 4 per equity share for the fiscal year 2023-24.
CAclubindia
