LIC Receives Income Tax Demand Order
Mumbai – March 28, 2026 – Life Insurance Corporation of India (LIC) announced today that it has received a communication/demand order for Income Tax and Interest from the Income Tax Department. The order pertains to the financial year 2023-24.The total demand includes INR 85,76,81,60,095 for Income Tax and INR 17,54,45,02,265 for Interest. LIC intends to file an appeal before the Commissioner of Income Tax (Appeals).
The demand arose from disallowances related to the addition of Interim Bonus as Income, addition of Negative Reserve as Income, and disallowance of Deduction u/s 80M.
The financial impact of the demand is limited to the stated Income Tax and Interest amount. LIC stated that there is no anticipated material impact on its operations or other activities.
| Detail | Information |
|---|---|
| Authority | Assessment Unit, Income Tax Department |
| Nature of Action | Demand of Income Tax for F.Y. 2023-24: Income Tax - INR 85,76,81,60,095/- Interest - INR 17,54,45,02,265/- |
| Date of Receipt | March 27, 2026 |
| Reasons for Disallowance | Interim Bonus as Income, Negative Reserve as Income, Deduction u/s 80M |
| Financial Impact | Limited to the Income Tax and Interest amount |
LIC will make the information available on its website at www.licindia.in.
Anshul Kumar Singh, Company Secretary & Compliance Officer, made the announcement.
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