LIC gets tax refund of Rs 21,740 crore from Income Tax department

Out of this, the Income Tax Department has released Rs 21,740.77 crore. The company further added that it is pursuing the balance with the Income Tax Department

The state owned Life Insurance Corporation of India (LIC) on Friday said it has received a tax refund of Rs 21, 740.77 crore from the Income Tax Department on February 15, 2024. This is one of the highest tax refunds received by the insurance behemoth in recent years.

“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.”

Out of this, the Income tax Department has released Rs 21,740.77 crore.  “The Corporation is pursuing for the balance with the Income Tax Department,” LIC said.

 

During the post earnings interactions, LIC Chairman, Siddhartha Mohanty said that LIC was expecting an income tax refund of Rs 25, 464 crore which was expected to be realised in the last quarter of FY24. The refund was related to interim bonuses to policyholders in the past seven years.

"We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself,” Mohanty said.