Life Insurance of India Ltd. on Friday disclosed it has received a tax demand from authorities for a whopping Rs 10,331 crore. The demand notice was sent from the Assessment Unit, Income Tax Department.
"The order is appealable and the Corporation will file an appeal before the Commissioner of Income Tax (Appeals)," the company said in a stock exchange filing.
The tax demand relates to financial year 2023-24 for disallowance made for addition of interim bonus as income, addition of negative reserve as income and disallowance of deduction u/s 80M.
LIC sees no material impact on financial, operational or other activities due to the tax order. The financial impact of the demand is to the extent of the Income tax and interest, the company added.
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This comes two day after LIC received a tax demand worth Rs 7,100 crore. The demand made by the same unit was for financial year 2021-22. The disallowance was made for addition of interim bonus as income, addition of loss from Jeevan Suraksha Fund as income, addition of negative reserve as income, disallowance of interest on late deposit of TDS and disallowance of deduction u/s 80M.
Hindustan Unilever shares settled 0.4% lower at Rs 2,386.70 on the NSE, ahead of the announcement, compared to a 1% decline in the benchmark Nifty 50. The stock is flat on a 12-month basis.
LIC Share Price Today
The scrip closed 1.98% lower at Rs 765.65 apiece on Friday. This compares to a 2.09% decline in the NSE Nifty 50 Index. During the day, the stock fell as much as 2.69% to Rs 760.10 per share.
It has fallen 4.43% in the last 12 months and 10.44% year-to-date.
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