Life
Insurance Corporation (LIC) has received more than Rs 11,500 crore in
income tax refunds and a big chunk of the amount would be passed on
to policyholders, an official said. "We received I-T refunds in
two tranches aggregating to more than Rs 11,500 crore, after winning
a dispute with the I-T department at the Income Tax Appellate
Tribunal (ITAT)," an LIC official, who wished not to be named,
told PTI here today, adding that this refund happens to be the
largest which the company has received so far. This could not be
ascertained with LIC Chairman S K Roy. A text message sent to him
also remained unanswered. In its order dated April 3, 2013, ITAT
Mumbai had delivered a judgement in favour of LIC with respect to
assessment years 2007-08, 2008-09 and 2009-10, the official said. As
a result of the above ITAT judgement, the LIC received a refund of Rs
4,190.19 crore for assessment years (AY) 2007-08 and 2009-10 on
December 31, 2013. A refund for AY 2008-09 worth Rs 7,500 crore has
been received by the LIC recently, the official said. As per Section
26 of the LIC Act of 1956, 95 per cent of the surplus coming from I-T
refunds ought to go to its policyholders, while the remaining 5 per
cent has to be paid to the government in the form of dividend, after
arriving at actuarial valuation at the close of the current fiscal
year, the LIC official said. LIC has paid advance income tax for the
financial year 2013-14 (AY2014-15) to the tune of Rs 5,118.92 crore,
as against Rs 4,323.99 crore in 2012-13 (AY2013-14). LIC's service
tax obligations for FY14 was Rs 4,022.40 crore (provisional) as
against Rs 3,682.58 crore in FY13, he said.
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