Agencies
NEW DELHI, Feb 20: In a recent development, the Life Insurance Corporation of India (LIC) has disclosed its ongoing efforts to recover a balance of Rs. 3,723.69 Crore from the Income Tax Department. The pursuit follows the receipt of refund orders totaling Rs. 25,464.46 Crore for various Assessment Years, including 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20.
On 15th February 2024, the Income Tax Department disbursed Rs. 21,740.77 Crore to LIC, marking a significant step in addressing the outstanding refunds. However, a noticeable deficit of Rs. 3,723.69 Crore remains unresolved, prompting LIC's proactive engagement with tax authorities to expedite the release of the pending amount.
This endeavor underscores LIC's commitment to ensuring financial prudence and accountability, as it diligently pursues the resolution of outstanding financial matters. The corporation remains steadfast in its efforts to secure the remaining refund balance, thereby upholding its fiduciary responsibilities and safeguarding the interests of its stakeholders.
As discussions continue between LIC and the Income Tax Department, stakeholders remain optimistic about a swift resolution that will further solidify trust and transparency in financial transactions between government entities and India's premier insurance provider. |
