Life Insurance Corporation of India (LIC) disclosed on Thursday that tax authorities have issued two demand notices amounting to approximately Rs 3,529 crore. The orders, originating from the Income Tax authorities and issued by the Assistant Commissioner of Income Tax, Mumbai, have prompted LIC to announce its intention to file an appeal before the Commissioner (Appeals), Mumbai, within the stipulated timelines.
In a regulatory filing, LIC clarified that the tax demands have no material impact on its financials, operations, or other activities. The corporation remains committed to addressing the matter through the appropriate legal channels. This development marks a notable financial development for LIC, one of the largest insurance entities in India.