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LIC receives tax refund of Rs 21,740 cr from IT Dept

LIC receives tax refund of Rs 21,740 cr from IT Dept

| @indiablooms | 16 Feb 2024, 09:13 pm

Mumbai: The Life Insurance Corporation of India (LIC) on Friday said that it had received a tax refund amounting to Rs 21,740.77 crore from the Income Tax Department for the assessment years spanning from 2013 to 2020.

In a regulatory filing, LIC said: “Life Insurance Corporation of India had received refund orders for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20. The total amount of refund was Rs 25,464.46 crore.”

Of the total tax refund amount, the Income Tax Department has currently released Rs 21,740.77 crore, with efforts underway to obtain the remaining balance. LIC chairman Siddhartha Mohanty had earlier said that the company was expecting this refund.

Last month, the Income Tax Appellate Tribunal (ITAT) issued an intimation for a refund totalling Rs 25,464.46 crore, related to interim bonuses paid to policyholders over the past seven assessment years.

In the December 2023 quarter, the state-owned insurer reported a notable 49% increase in net profit, reaching Rs 9,444 crore compared to Rs 6,334 crore in the corresponding period of the previous year. Additionally, net premium income saw an improvement, rising to Rs 1,17,017 crore from Rs 1,11,788 crore in the same quarter a year ago.

LIC's total income for the December 2023 quarter also surged to Rs 2,12,447 crore, up from Rs 1,96,891 crore in the year-ago period. Moreover, the LIC board has approved an interim dividend of Rs 4 per equity share with a face value of Rs 10 each for the fiscal year 2023-24.

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