A Rs 25,464 crore income tax refund is given to LIC

A Rs 25,464 crore income tax refund is given to LIC

A Rs 25,464 crore income tax refund is given to LIC

LIC stated in a regulatory filing on Thursday that the Income Tax Department has sent notice for a refund of Rs 25,464.46 crore in accordance with the Income Tax Appellate Tribunal's (ITAT) ruling.

In the previous seven assessment years, Life Insurance Corporation of India (LIC) reported receiving income tax refunds of Rs 25,464 crore, which were linked to interim bonuses given to policyholders. LIC stated in a regulatory filing on Thursday that the Income Tax Department has sent notice for a refund of Rs 25,464.46 crore in accordance with the Income Tax Appellate Tribunal's (ITAT) ruling.

In contrast to the Rs 16,635 crore it made during the same time last year, LIC posted a net profit of Rs 17,469 crore for the first half that ended in September. According to the filing, LIC's new business premium income (individuals) category saw increase in the first half of the current financial year of 2.65%, to Rs 25,184 crore, from Rs 24,535 crore in the same time last year.

The premium due in the first policy year of a life insurance contract is known as the "new business premium." According to insurance regulator IRDAI, LIC continues to dominate the market in the life insurance sector with an overall share of 58.50 percent when it comes to market share as determined by first-year premium income.

LIC had a 40.35 percent market share in individual company, as well as a 70.26 percent market share in group business for the six months that concluded on September 30.