• Notification Date: 20-02-2024
• Notification No: N/A

LIC gets IT Refund of Rs 21,741 crore from Income Tax department

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

Earlier, LIC chairman Siddhartha Mohanty mentioned about getting this amount. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years.

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

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

LIC shares closed at Rs 1039.4, down by 1.52%, on Friday from yesterday's Rs 1,055.4. The 52-week low price of Life Insurance Corporation of India stock was Rs 530.05, while the 52-week high price was Rs 1,175.