February 17, 2024Anmol Nagpal

LIC gets tax refund of Rs 21,741 crore from I-T department

Life Insurance Corporation of India (LIC) announced a tax refund worth Rs 21,740.77 crore from the Income Tax Department for the assessment years from 2013 to 2020.

Source: Shutterstock

Of this, the Income Tax Department has released Rs 21,740.77 crore for now. It added that it is pursuing the balance with the Income Tax Department.

Source: ANI

Earlier, LIC chairman Siddhartha Mohanty mentioned about getting this amount.

Source: Life Insurance Corporation

Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore.

Source: Freepik

The refund is related to interim bonuses to policyholders in the past seven assessment years.

Source: X Photo

Earlier this month, the state-owned insurer reported a 49% jump in net profit to Rs 9,444 crore in the December 2023 quarter against Rs 6,334 crore in the year-ago period.

Source: Reuters Photo

Its net premium income improved to Rs 1,17,017 crore in the third quarter of the current fiscal from Rs 1,11,788 crore in the same period a year ago.

Source: Shutterstock

The LIC board has approved an interim dividend of Rs 4 per equity share of face value of Rs 10 each for FY24.

Source: Republic

LIC's total income also rose to Rs 2,12,447 crore in the latest December quarter compared to Rs 1,96,891 crore in the year-ago period.

Source: Shutterstock