LIC Income: LIC has a tax refund of more than Rs 25 thousand crores, but currently income tax refund orders worth about Rs 22 thousand crores have been issued…
Government insurance company LIC got a wonderful gift on Friday. Income Tax Department cleared the refund of LIC which was pending for years. Due to this, LIC is going to get a total benefit of more than Rs 25 thousand crore.
So many orders have already been issued
Refund orders worth about Rs 22 thousand crore were issued to LIC by CBDT i.e. Central Board of Direct Taxes. However, the total amount of refund is more than Rs 25 thousand crores. Currently, refund orders have been issued by the Income Tax Department for assessment years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20. These orders together are worth Rs 21,740.77 crore. The total amount of refund is Rs 25,464.46 crore.
LIC shares rose
In the last few days, LIC has also gained a lot in the stock market. On Friday, LIC shares closed at Rs 1,039.90, falling 1.53 per cent. The share price has corrected by more than seven and a half percent in the last 5 days. However, as per the last one month, the stock is in profit of more than 17 percent and in 6 months it is gaining almost 60 percent. Recently, this stock not only crossed its IPO level for the first time, but also continuously made new highs and went up to Rs 1,175.
LIC’s IPO came in May 2022. The price band of the IPO was Rs 902 to Rs 949. The IPO of the company was nothing special and the shares were listed at a discount. Before the tremendous rise in the last few months, investors of LIC IPO were in loss for a long time.
Direct tax collection has increased so much
If we look at the tax front, CBDT has received good news. According to CBDT data, the net collection of direct tax has so far reached Rs 15.60 lakh crore during the current financial year, which is 20.25 percent more than the same period a year ago. So far, 80.23 percent of the revised estimate of tax collection for the financial year 2023-24 has reached the government treasury. This figure is till February 10. During this period, gross direct tax collection has increased by 17 percent to Rs 18.38 lakh crore.
