Highlights
Growth of approximately 6.7%.
Refunds amounting to Rs 2.61 lakh crore issued.
New Delhi: The provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at Rs. 9.45 lakh crore. The net Direct Tax collections include Corporation Tax (CIT) at Rs. 4.57 lakh crore and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs. 4.88 lakh crore. The net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21.
The Gross collection of Direct Taxes (before adjusting for refunds) for the F.Y. 2020-21 stands at Rs. 12.06 lakh crore. This includes Corporation Tax(CIT) at Rs. 6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 5.75 lakh crore; Advance Tax of Rs. 4.95 lakh crore; Tax Deducted at Source (including Central TDS) of Rs. 5.45 lakh crore; Self-Assessment Tax of Rs. 1.07 lakh crore; Regular Assessment T
Direct tax collection up by 5% for FY 2020-21; refund increased by 42%
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Direct tax collection FY21 I Direct tax collection up 5% in FY21 at Rs 9 45 lakh crore; refunds at Rs 2 61 lakh crore
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Updated Feb 02, 2021 | 07:31 IST
Presently proceeds received on life insurance policies including ULIPs enjoy tax exemption under section 10(10D) if the premium for the policy does not exceed 10% of the sum assured. Representational image 
The finance minister has proposed amendments in the Income Tax Act in an attempt to make the Unit Linked Insurance Policies (ULIP) issued by life insurance companies on par with listed equity investments.
Present Provisions
Presently proceeds received on life insurance policies including ULIPs enjoy tax exemption under section 10(10D) if the premium for the policy during the premium paying term does not exceed 10% of the sum assured. So as long as the premium paid does not exceed 10% of the sum assured the money received in respect of such policies is fully tax-free in the hands of the policyholder. However, death claims received are fully tax-free irrespective of the quantum of premium paid.
India s Union Budget 2021: Rosy ring to growth tale
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