Comments
Life Insurance Corporation of India (LIC) on Friday said the Income tax Department has released refunds aggregating ₹21,740.77 crore for seven assessment years beginning 2012-13. This refund will boost the life insurance behemoth’s bottomline in the fourth quarter. “The total amount of refund was ₹25,464.46 crore. In this regard, the IT Department has released ₹21,740.77 crore on February 15, 2024. The corporation is pursuing for the balance with the IT Department,” LIC said in a regulatory filing.
The corporation reported a 49 per cent year-on-year jump in third quarter standalone net profit at ₹9,444 crore against ₹6,334 crore in the year ago quarter.
In the nine months ended December 31, 2023, LIC reported a 17 per cent y-o-y increase in standalone net profit at ₹26,913 crore as against ₹22,970 crore in the year-ago period.
The current nine-month period profit includes the transfer of an amount of ₹21,461 crore (Net of Tax), pertaining to the accretions on the available solvency margin from non-par to shareholders account.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.