“Income Tax Department has passed various orders (giving effect to the Commissioner of Income Tax (Appeals) orders) for Assessment Year 2013-14, 2014-15, 2015-16, 2016-17, 2017-18, 2018- 19 and 2019-20 ruling in favour of the company, thereby resulting in cumulative refund of Rs 1945.08 crore (including total interest of Rs 489.22 crore),” the general insurer said in the exchange filing.
The company added that it is pursuing with the Income Tax Authorities to release the above amounts at the earliest.
The New India Assurance Company is the largest non-life insurance company in India, headquartered in Mumbai and operating in 28 countries.
The company reported consolidated net profit of Rs 73.56 crore in Q2 FY25 as compared with net loss of Rs 195.32 crore in Q2 FY24. However, total income increased 2.51% YoY to Rs 10,134.53 crore in the second quarter of FY25.