The Life Insurance Corporation of India (LIC) advised shareholders to update their Permanent Account Numbers (PANs). As per LIC advertisement dated July 5, 2024, “Members may note that the Board of Directors of the Corporation in its meeting held on May 27, 2024, has recommended a final dividend of ₹6/- per equity share of face value of ₹10/- each for the Financial Year 2023-24, subject to declaration of the same by the members of the Corporation at the 3rd Annual General Meeting scheduled to be held on Thursday, August 22, 2022.”
The Income Tax Act, 1961 mandates that LIC deducts tax at source on dividends paid to members. For this, LIC members are requested to complete and/or update their residential status, PAN and other details as per the IT Act. LIC said, “Members who have not updated their bank account details are requested to update their Bank Mandate with the respective DPs on or before 05:00 p.m. (IST), Friday, July 19, 2024 to receive dividend directly into their bank account through any permissible mode.”
