India's income tax receipts surpass revised budget target for 2020/21 – official

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File photo

NEW DELHI (Reuters) – India’s federal net direct tax receipts, mainly comprising corporate and individual income tax, were 9.45 trillion rupees ($126.33 billion) for the fiscal year ending on March 31, surpassing the revised budget target, a government official said.

“Net direct tax collections for the financial year 2020/21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic,” Pramod Chandra Mody, head of the Central Board of Direct Taxes told reporters on Friday in virtual briefing.

($1 = 74.8050 Indian rupees)

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