« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Cut Customs, abolish FBT, CII tells govt... Govt to act tough to cut expenditure... » FinMin may best fiscal target November, 14th 2006 Revenue collections buoyant, but worry over expenditure remains, say experts.    Finance Minister P Chidambaram may surprise the nation by announcing a lower fiscal deficit than projected in the 2006-2007 Budget.    The reason for this hope is higher economic growth and the consequent buoyancy in revenue collections in the recent months.    Chidambaram recently said the target of keeping fiscal and revenue deficits at 3.8 per cent and 2.1 per cent of the GDP, respectively, would be met. Given the buoyancy in tax collections, I reiterate that the targets will be adhered to, he said.    However, there is a feeling that the deficit may be even lower than targeted. Rajiv Kumar, director and chief executive officer, ICRIER, said the fiscal deficit might go down to 3.6 per cent.    DK Pant of Fitch Ratings said the fiscal deficit could be lower than the budgeted 3.8 per cent. It may be higher in value, though, he says.    Pronab Sen, principal adviser, Planning Commission, said this might happen but it was difficult to predict.    Revenue collections are way ahead of targets but so is expenditure. Significantly, there has been an increase in non-Plan expenditure. It is not clear why. Plan expenditure is within targets, though.    The worry over ballooning expenditure, however, continues. A major mystery is that excise collections have not gone up by 20 per cent in line with the growth in manufacturing and industry. We should not get carried away when revenues are buoyant and lose sight of the fact that greater attention needs to be paid to expenditure control. I would watch out for the revenue deficit, Kumar said.    Pant said while growth in tax revenues, including Customs, corporation tax, personal income tax and service tax had been buoyant, The only cause for worry is excise collections, which have grown at 6 per cent in the first half of 2006-7, much less than projected.    He said high economic growth would offset the expenditure during the first half of the current year. However, chances are that expenditure could be higher than the Budget estimates, he said.