LIC receives a Rs 84 crore income tax penalty notice

4 Oct 2023 , 09:53 AM

The Income Tax Department has demanded a Rs 84 crore penalty for three assessment years, according to a statement made on Tuesday by Life Insurance Corporation (LIC), and the Corporation has opted to dispute the ruling.

According to LIC, in a regulatory filing, the tax authority assessed a penalty of Rs 12.61 crore for the assessment year 2012–13, Rs 33.82 crore for the assessment year 2018–19, and Rs 37.58 crore for the assessment year 2019–20.

According to the statement, the state-owned insurer has been fined for breaking sections 271(1)(c) and 270A of the Income Tax Act of 1961.

According to the letter, the Tax Department sent it out on September 29, 2023.

As of March 31, 2023, LIC, which was founded in 1956 with an initial capital of Rs 5 crore, has an asset base of Rs 45.50 lakh crore and a life fund of Rs 40.81 lakh crore.

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