LIC Receives ₹8,531 Crore Income Tax Demand FY24

LIC received an income tax demand order for FY2023-24 totaling ₹8,576.82 crore in tax and ₹1,754.45 crore in interest.
Disallowances include addition of Interim Bonus as income, Negative Reserve as income, and denial of Section 80M deduction.
LIC intends to appeal the order before the Commissioner of Income Tax (Appeals); no material operational impact stated.