Life Insurance Corporation of India receives order from Income Tax Authority

On Tuesday, October 3, Life Insurance Corporation of India (LIC) told exchanges that it will challenge an Income Tax Authority notice for Rs 84 crore. 

“…Corporation has received order from Income Tax Authority under section 271(1)(c) and 270A of the Income Tax Act, 1961 issued on 29th September 2023 which came to our knowledge on 03rd October, 2023. In the said order, the authority has demanded penalty. Corporation shall file an appeal before the appropriate Appellate Authority against the said order within prescribed timelines,” the state-owned life insurance behemoth said in an exchange filing.

LIC has received notices for the assessment years 2012–13, 2018–19, and 2019–20, with a total penalty of more than Rs 84.02 crore.

Earlier on September 22, LIC had reported receiving a Goods and Services Tax (GST) notice to the tune of Rs 290 crore.

Year-to-date, LIC stock price has corrected more than 9 percent.