LIC receives ₹21,740 crore tax refund from Income Tax dept; remaining ₹3,700 crore awaited
₹21,740.77 crore from the Income Tax Department. The country's largest insurer had received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20, according to a report by Economic Times. The total amount of refund was ₹25,464.46 crore.
“In this regard, the Income tax Department has released ₹21,740.77 crore on 15.02.2024. The Corporation is pursuing for the balance with the Income Tax Department," said LIC. The remaining amount of ₹3,700 crore in awaited as tax refund.
Meanwhile, LIC reaped windfall gains in the December quarter, selling a record $4.7 billion worth of shares of listed domestic companies as the shares reached all-time highs during the market bull run. Also Read: LIC Q3 profit up 49% at ₹9,444 cr, net premium income grows 4.6% According to a Mint study based on regulatory filings, the state-run insurer sold part of its investments in at least 100 top listed companies, which, based on volume-weighted average price for the October-December period, adds up to ₹39,163 crore—the highest ever in the third quarter of a financial year. LIC saw a 49 per cent year-on-year increase in net profit during the December quarter of FY2024, reaching ₹9,444.4 crore compared to ₹6,334.2 crore last year same period.
The improved performance was mainly driven by an increase in net income from investments and growth in net premium income. India’s largest insurer’s net premium income grew by 4.6 per cent to ₹1.17 trillion compared to ₹1.11 trillion in Q3 FY24. The company's board proposed an interim dividend of ₹4 per share for FY24, with the record date set for 21 February 2024.
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