New India Assurance Company Ltd on Monday (November 25) said it has secured a favourable ruling from the Income Tax Department for assessment years 2013-14 to 2019-20. The orders passed following appeals to the Commissioner of Income Tax (Appeals), entitle the company to a cumulative tax refund of ₹1,945.08 crore, including ₹489.22 crore as interest.
“…we would like to inform that the 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),” New India Assurance Company said in a regulatory filing.
The company added that it is actively engaging with tax authorities to expedite the release of the refund. “The company is pursuing with the Income Tax Authorities to release the above amounts at the earliest,” it said.
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New India Assurance reported a net profit of ₹ 71 crore for the second quarter ended September 2024. The state-owned general insurer had booked a net loss of ₹200 crore in the year-ago period.
The total income of the Mumbai-based entity rose to ₹10,090 crore from ₹9,839 crore in the year-ago period, New India Assurance said. The company’s written gross premium also rose to ₹9,620 crore in the second quarter of this fiscal compared to ₹9,397 crore a year ago.
Its net premium collection increased to ₹8,067 crore against ₹7,894 crore in the same quarter a year ago, it said. However, the total expenditure of the company during the period under review declined to ₹10,577 crore from ₹10,628 crore in the year-ago period.
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Shares of New India Assurance Company Ltd ended at ₹180.25, up by ₹5.20, or 2.97%, on the BSE.
(Edited by : Shoma Bhattacharjee)
