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.