The New India Assurance Company Limited has announced the receipt of a substantial income tax refund for Assessment Year 2022-23. The total refund amount, including interest, is ₹781,39,07,565, with interest accounting for ₹59,63,26,611. This disclosure is made in accordance with SEBI (LODR) Regulations, 2015, providing transparency on significant financial events impacting the company’s liquidity and financial standing.
Significant Income Tax Refund Received
The New India Assurance Company Limited has officially disclosed the receipt of a substantial income tax refund. This refund pertains to the Assessment Year (AY) 2022-23 and represents a significant positive financial event for the company. The total amount received is ₹781,39,07,565.
Breakdown of Refund Amount
Within the total refund, a notable portion constitutes interest. The interest component of the refund amounts to ₹59,63,26,611. This comprehensive refund is in line with the company’s disclosures mandated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring timely and transparent communication with stakeholders regarding material financial events.
Impact on Financials
The receipt of this significant refund is expected to positively impact the company’s cash flow and strengthen its overall financial position. Further details regarding the specific nature of the tax assessment and refund are available in the Annexure, as required by regulatory guidelines.
Source: BSE
