The total amount of refund was Rs 25,464.46 crore. However, the Income Tax department released Rs 21,740.77 crore in February. In Q3 FY24, LIC reported a standalone net profit of Rs 9,444 crore for the quarter ended December 2023.
LIC had received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20. The total amount of refund was Rs 25,464.46 crore.
The Life Insurance Corporation (LIC), has garnered over ₹21,740 crore in refunds from the income-tax department, with an additional ₹3,700 crore pending. These reimbursements, related to tax disputes over surplus utilization and interim bonuses, will fortify LIC s financial position