Legal27 March 2026 at 04:24 pm
Life Insurance Corporation of India Receives INR 85,76,81,60,095 Tax Demand from Income Tax Authorities
AI Summary
The Life Insurance Corporation of India (LIC) has received a demand notice from the Income Tax authorities, asking for INR 85,76,81,60,095 in taxes and INR 17,54,45,02,265 in interest for the financial year 2023-24. The order is appealable and LIC plans to file an appeal before the Commissioner of Income Tax (Appeals). The demand is due to disallowances made for interim bonus, negative reserve, and deduction under section 80M. Despite the financial impact, there is no material impact on the operations or other activities of the Corporation.
Key Highlights
- Life Insurance Corporation of India received a demand notice from Income Tax authorities
- Demand for INR 85,76,81,60,095 in taxes and INR 17,54,45,02,265 in interest for FY 2023-24
- Disallowances made for interim bonus, negative reserve, and deduction under section 80M
- LIC to file an appeal before the Commissioner of Income Tax (Appeals)
- No material impact on operations or other activities of the Corporation