« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  Free professional help for filing returns next year... Filling up potholes will attract service tax now... » 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.