Life Insurance Corporation of India (LIC) has received a significant demand order from the Income Tax Department, amounting to a total of ₹61,46,71,18,015 for income tax and ₹9,53,25,87,935 for interest for the financial year 2021-22. The demand order, which was communicated to the corporation on 25 March 2026, is appealable before the Commissioner of Income Tax (Appeals).
The demand arises from disallowances made on several issues, including the addition of interim bonus, loss from the Jeevan Suraksha Fund, and negative reserve as income. Additionally, the order includes disallowances of deductions under section 80M and interest on the late deposit of TDS.
Despite the substantial financial demand, LIC has stated that there is no material impact on the corporation’s operations or other activities. The financial impact is limited to the extent of the income tax and interest demanded.
The corporation has made this information available on its website and has requested that the details be taken on record and disseminated appropriately.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).