Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: cpt :: TDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
« News Headlines »
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout

FM issues alarm on revenue deficit
November, 07th 2006
Pointing out that the suggested financing of the 11th Plan does not ensure elimination of the revenue deficit by 2008-09, as required by the Fiscal Responsibility and Budget Management (FRBM) Act, Finance Minister P Chidambaram has said that containing the revenue deficit is crucial to ensuring debt sustainability. 
Noting that the approach paper to the 11th Plan seeks to conform to the requirements of the FRBM Act, both for central as well as state governments, Chidambaram has underlined that the Act will facilitate sustainable growth and improve the quality of public expenditure. 
Stressing the need to eliminate the revenue deficit by 2009, he has cautioned against the risk of being seen as tinkering with standard accounting practices in order to achieve FRBM targets. 
We should not be accused of fitting the foot into the shoe, he said in response to the draft approach paper casting doubt on the tenability of the current system of classification of expenditure as revenue and capital expenditure. 
As far as the government is concerned, a grant or subsidy or viability gap funding is a final giveaway. If assets are indeed created and are vested in the relevant government, perhaps, the grant of subsidy can be treated as capital expenditure. Such treatment should conform to accepted accounting standards. I will support re-classification in some areas provided it meets the tests of capital expenditure, he said. 
The FM also sounded a note of caution on the assumption in the approach paper of tax buoyancy of 1.25 for the five-year period and the assumption that revenue from non-tax sources will grow at 12.5 per cent annually.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions