Big News: LIC receives major tax refund of Rs 21,741crore

LIC, India's largest insurer, has received a significant tax refund of Rs 21,741 crore from the Income Tax Department. The refund orders were for Assessment Years spanning from 2012-13 to 2019-20, totaling Rs 25,464.46 crore. On February 15, 2024, the Income Tax Department released Rs 21,740.77 crore, with LIC continuing to pursue the balance. This development marks a substantial financial boost for LIC, indicating ongoing efforts to resolve outstanding tax matters.