LIC to get I-T refund of over 25k crore, but faces 3 tax demand orders

The Life Insurance Corporation of India has informed stock exchanges that it has received a refund order for Rs 25,464 crore, but faces three income tax demand orders which could result in an outgo of Rs 2,765 crore, which it will contest with the IT commissioner. The refund will come as a boost for policyholders and shareholders. The refund order comprises principal amount and interest. While the principal tax amount is currently reckoned as a receivable in the corporation's books and will not impact the balance sheet or the current year's financials.


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