The Life Insurance Corporation of India (LIC) recently obtained refund orders totaling Rs. 21,740.77 Crores from the Income Tax Department on February 15, 2024. These refunds pertain to various Assessment Years, including 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20.
Initially, the total refund amount was Rs. 25,464.46 Crores, and LIC successfully secured a significant portion of it from the Income Tax Department. However, there remains a balance amount for which the Corporation continues to pursue with the Income Tax Department.
This substantial refund underscores LIC’s ongoing engagement with tax authorities and its commitment to financial integrity and compliance.
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LIC