Life Insurance Corporation of India (LIC) on Wednesday said that it has received a massive tax demand from the Income Tax Department for the financial year 2021–22. In its disclosure in a regulatory filing, LIC said the Assessment Unit of the tax department has raised a demand of Rs 61,46,71,18,015 as income tax, along with an additional interest amount of Rs 9,53,25,87,935.
The department has also disallowed certain deductions claimed by LIC under Section 80M, along with interest expenses linked to delays in depositing tax deducted at source (TDS). Despite the large amount involved, LIC stated that the order will not have any material impact on its overall operations or business activities.
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