LIC expects income tax refund of 325,464 cr in Q4

Life Insurance Corporation of India has received an income tax refund order of ₹25,464 crore, and it is likely to be realized during the current quarter, its chairman Siddhartha Mohanty said.

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Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of ₹25,464.46 crore.

The refund is related to interim bonuses to policyholders in the past seven assessment years.

"We are pursuing the matter, and we are hopeful of getting a refund from the Income Tax Department during this quarter itself," Mohanty said during the post-result interaction.

During the quarter, he said, the Life Insurance Corporation of India (LIC) would be launching more new products, including child protection.