LIC receives tax refund of ₹21,741 Crore from Income-tax department

19 Feb 2024 , 11:30 AM

Life Insurance Corporation of India announced on February 16 that it has received refund orders from the Income Tax Department totaling ₹21,740.77 Crore.

Regarding this matter, the Income Tax Department disbursed ₹21,740.77 Crore on February 15, 2024. The corporation is actively seeking the remaining balance from the Income Tax Department, as stated by the largest insurer in the country.

These funds will improve the bottom line of the insurer, which is also India’s largest institutional investor.

The company, in its regular submissions to the stock exchange, stated that the issue revolves around income tax litigation concerning the use of surplus and the disallowance or inclusion associated with interim bonuses.

LIC expects ₹25,464 Crore in cash flow.

LIC received reimbursement orders for multiple assessment years from FY13 to FY20. The total refund was ₹25,464.46 Crore. In this regard, the Income Tax Department issued ₹21,740 Crore on February 15. LIC is pursuing the outstanding balance with the Income Tax Department.

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