Life Insurance Corporation of India has received refund orders totalling Rs Rs 21,740.77 crore. The refund is for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.
The total amount of refund was Rs.25,464.46 crore. However, the Income tax Department has released Rs 21,740.77 crore on February. The Corporation is pursuing for the balance with the Income Tax Department.
According to data released by the Central Board of Direct Taxes, the net direct tax collections have increased by 20.25 % and it nownstands at Rs 15.60 lakh crore. This is comparatively higher than the net collection that was registered during the same.period in the previous fiscal.
According to CBDT, this collection is 80.23% of the total Revised Estimates made for direct tax collection for FY24. The gross direct tax collection has also risen tonover 17% to Rs 18.38 lakh crore. This is as of February 10 when the CBDT report was released.The percentage jump is on a year-on-year basis.