India Business News: NEW DELHI: Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the .
The refund, which is likely to boost the bottom line of the corporation in the fourth quarter, is related to interim bonuses to policyholders in the past seven assessment years.
Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years.
Income tax refund: Individuals who have pending income tax refund due to the fact that their income tax return (ITR) was not processed by the income tax department would now get their income tax refund by April 30, 2024. However not all individuals would get tax refund, read here to know who gets and who does not.