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The state-owned Life Insurance coverage Company of India (LIC) acquired a notification for a tax refund price Rs 25,464 crore from the Earnings Tax Division for 7 Evaluation Years (AYs) from 2012-13 to 2019-20 aside from 2015-16. That is associated to the interim bonus paid to policyholders throughout the evaluation interval.
On Thursday, LIC reported to have gotten a tax demand for Rs 2133.67 crore for the seven years AYs and Rs 1395.08 crore for AY 2015-16.
In all these 7 AYs, Earnings Tax Appellate Tribunal (ITAT) had directed the tax division to rethink the difficulty of interim bonus and the division has disallowed the identical. The tax impact of the identical is round Rs 2133 crore.
“Pursuant to issuance of order giving impact of order of ITAT, Earnings Tax Division has issued intimation for a refund of Rs. 25,464.46 Crore. The ITAT had directed the assessing officer to look at the factual matrix/ utilisation of surplus and resolve in accordance with legislation with respect to the difficulty of disallowance /addition on account of interim bonus made within the evaluation order. On reconsideration, the Assessing Officer disallowed the identical. Tax impact of such disallowance involves Rs. 2133.67 Crore,” in accordance with the trade submitting.
Additional, on Friday, the life insurer acquired a tax discover for Rs 1,370.60 crore pertaining to the AY 2011-12.
The insurer famous that it’ll file an attraction with the earlier than Commissioner (Appeals) towards all of the tax notices whereas additionally including that the notices won’t have any materials influence on the financials, operations or different actions of the company.
First Printed: Jan 13 2024 | 11:00 AM IST
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