LIC gets IT demand notices worth Rs 3,529 crore

Life Insurance Corporation of India LIC on Thursday said tax authorities have slapped two demand notices aggregating to about Rs 3,529 crore on it. The corporation has received orders from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai, LIC said in a regulatory filing.LIC would file an appeal before the Commissioner Appeals, Mumbai, against the said orders within the prescribed timelines, it said.

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped two demand notices aggregating to about Rs 3,529 crore on it. The corporation has received orders from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai, LIC said in a regulatory filing.

LIC would file an appeal before the Commissioner (Appeals), Mumbai, against the said orders within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, according to LIC.