LIC grabs Rs. 21,740 Cr Refund from Income Tax Dept
India’s Life Insurance Corporation ( LIC ) recently disclosed receiving tax refund orders totaling ₹21,740.77 crore from the Income Tax Department. These refunds pertain to Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20, with the overall refund amounting to ₹25,464.46 crore. On February 15, 2024, the Income Tax Department disbursed ₹21,740.77 crore, while
The scheme of advance rulings India
The scheme of advance rulings was introduced by the Finance Act, 1993, Chapter XIX-B of the Income-tax Act, which deals with advance rulings, came into force with effect from 1-6-1993. Under the scheme, the power of giving advance rulings has been entrusted to an independent adjudicatory body. Accordingly, a high-level body headed by a retired
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