LIC has received Income Tax notices for three different assessment years viz., 2012-13, 2018-19 and 2019-20 with the total penalty amounting to over Rs 84.02 crore.
Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded Rs 84 crore penalty pertaining to three assessment years and the Corporation has decided to file an appeal against the order. For the assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for the assessment year 2019-20, LIC said in a regulatory filing.
Life Insurance Corporation of India (LIC) informed exchanges that it will challenge this Rs 84 crore notice it received from the Income Tax Authority.
“The Corporation has received penalty 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. The 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.
On September 22, LIC had previously reported obtaining a GST notification for a total of Rs 290 crore.
Follow the Link to know about the Penalty provisions U/s. 270A of the Income Tax Act: https://incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2016/Others/section270a.htm
Follow the Link to know about the penalty provisions U/s. 271(1)(c) of the Income Tax Act: http://kb.icai.org/pdfs/PDFFile5b4f18e43e2db4.51472745.pdf
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