The IT department reimburses LIC for Rs 21,741 crore in taxes

The IT department reimburses LIC for Rs 21,741 crore in taxes

For the evaluation years 2012–13, 2013–14, 2014–15, 2016–17, 2017–18, 2018–19, and 2019–20, LIC has received reimbursement orders. The reimbursement totaled Rs 25,464.46 crore.

As of February 15, 2024, the Income Tax Department has released Rs. 21,740.77 crore in this respect. The insurer said, "The business is working to pay the outstanding sum with the Income Tax Department.

On February 16, Life Insurance of India (LIC) said that the Income Tax Department has sent them a refund order for Rs 21,740.77 crore.

According to a press statement from the firm, LIC has received reimbursement orders for assessment years 2012–13, 2013–14, 2014–15, 2016–17, 2017–18, 2018–19, and 2019–20. The reimbursement totaled Rs 25,464.46 crore.

"On February 15, 2024, the Income Tax Department disbursed Rs 21,740.77 crore in this respect. The biggest insurer in the nation said, "The corporation is making efforts to settle the proper equilibrium amount with the Income Tax Department."