The Life Insurance Corporation of India (LIC) has received a significant demand order from the Income Tax Department, amounting to ₹85,76,81,60,095 for income tax and ₹17,54,45,02,265 as interest for the financial year 2023-24. The demand arises from disallowances made for several issues, including the addition of interim bonus and negative reserve as income, and the disallowance of deduction under section 80M.
The communication, received on 27 March 2026, has been deemed appealable, and LIC intends to file an appeal before the Commissioner of Income Tax (Appeals). Despite the substantial financial demand, LIC has stated that there is no material impact on its operations or other activities.
The details of the demand and the intended appeal have been disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. LIC has also made this information available on its website for public access.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).