Legal25 Mar 2026, 07:07 pm
Life Insurance Corporation of India Receives INR 61,46,71,18,015 Tax Demand Order from Income Tax Authorities
AI Summary
The Life Insurance Corporation of India (LIC) has received a demand order from the Income Tax authorities for INR 61,46,71,18,015 in taxes and INR 9,53,25,87,935 in interest for the Financial Year 2021-22. The order is appealable before the Commissioner of Income Tax (Appeals). The demand is due to disallowances made for interim bonus, loss from Jeevan Suraksha Fund, negative reserve, deduction under section 80M, and interest on late deposit of TDS. The financial impact of the demand is significant, but there is no material impact on the operations or other activities of the Corporation.
Key Highlights
- Life Insurance Corporation of India received a demand order from Income Tax authorities for INR 61,46,71,18,015 in taxes and INR 9,53,25,87,935 in interest for F.Y. 2021-22
- The order is appealable before the Commissioner of Income Tax (Appeals)
- Disallowances made for interim bonus, loss from Jeevan Suraksha Fund, negative reserve, deduction under section 80M, and interest on late deposit of TDS
- The financial impact of the demand is significant
- No material impact on the operations or other activities of the Corporation