New India Assurance Company expects ₹1,945 Crore tax refund

26 Nov 2024 , 03:12 PM

New India Assurance Company Ltd announced on Monday (November 25) that it has received a favourable verdict from the Income Tax Department for the assessment years 2013-14 to 2019-20. Following appeals to the Commissioner of Income Tax (Appeals), the corporation is entitled to a cumulative tax refund of ₹1,945.08 Crore, which includes ₹489.22 Crore in interest.

The company also stated that it is actively working with tax authorities to accelerate the release of the refund. The company is pursuing with the Income Tax Authorities to release the above amounts at the earliest,” the press release stated.

New India Assurance made a net profit of ₹71 Crore in the second quarter of September 2024. The state-owned general insurer reported a net loss of ₹200 Crore last year.

The Mumbai-based entity’s overall income increased to ₹10,090 Crore from ₹9,839 Crore the previous year, according to New India Assurance. The written gross premium of the company increased to ₹9,620 Crore in Q2FY25, from ₹9,397 Crore the previous year.

The company reported a net premium collection of ₹8,067 Crore, up from ₹7,894 Crore in the same quarter last year. However, the company’s overall spending during the review period decreased to ₹10,577 Crore from ₹10,628 Crore the previous year.

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