LIC receives tax refund of Rs 21,740 cr from IT Dept
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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
TVK leader booked for social media post urging ‘Gen Z revolution’ after Karur tragedy
PoK protests: Agitation escalates as civilians toss containers into river, clash with Pakistani forces
Nine Assam workers killed in accident at Tamil Nadu power plant site, PM Modi announces compensation
Denmark to tighten student visa rules, restrict family entry for Bangladeshi and Nepali applicants
