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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
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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.
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