LIC receives ₹21,740 crore in income tax refund; ₹3,700 crore refund awaited - Hindustan Times

LIC receives 21,740 crore in income tax refund; 3,700 crore refund awaited

ByVaishnawi Sinha
Feb 18, 2024 11:12 AM IST

LIC received a refund of ₹21,740 crore from the Income Tax Department, with ₹3700 crore refund still awaited.

Life Insurance of India (LIC) declared that it has received 21,740 crore in refund from the Income Tax Department, reported The Economic Times. The total amount of refund was 25,464.46 crore, with less than 4000 crore still pending.

Life Insurance Corporation of India's (LIC) headquarters in Mumbai(Reuters File Photo)
Life Insurance Corporation of India's (LIC) headquarters in Mumbai(Reuters File Photo)

LIC, India's largest insurer, received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20, and out of the total, a refund of 3,700 crore still awaited.

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LIC said in a statement, “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.”

LIC also reaped the benefits of the windfall gains of December 2023 quarter, selling off $4.7 billion worth of shares of listed domestic companies, as the stock reached its all-time high for the first time since the company was listed.

The spike in share prices was also triggered by the stellar quarterly reports, which saw a 49 percent growth in year-on-year net profits for December quarter of FY2024, reaching 9,444.4 crore compared to 6,334.2 crore last year same period.

Meanwhile, shares of LIC fell 1.52 percent on Friday as the markets closed, falling to 1,039 apiece as the market saw a rise of 0.52 percent.

LIC loses 26,217 crore as shares fall

The market cap of the six most valued firms in India took a major hit on Friday, despite a significant rise in the stock market indices. The wealth of these six companies was eroded by over 71,414 crore, with LIC and Tata Consultancy Services (TCS) being the biggest laggards.

Of the top-10 most valued firms, Life Insurance Corporation of India (LIC), Tata Consultancy Services (TCS), ITC, Hindustan Unilever, Bharti Airtel and Reliance Industries faced a total wealth erosion of 71,414.03 crore.

The market valuation of state-owned insurer LIC fell by 26,217.12 crore to 6,57,420.26 crore on Friday as shares tumbled by over 1.5 percent.

(With inputs from PTI)

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