« Top Headlines » Open DEMAT Account in 24 hrs  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  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) «  MNC's fee income comes under tax net... 'Magnitude not to change nature of transactions'... » FM bats for lower tax rates January, 10th 2007 Chidambaram stresses importance of addressing the issue of escalating costs and prices.    Finance Minister P Chidambaram today said lower tax rates resulted in an increase in tax revenues for the government.    Responding to a question at Ficcis 79th annual general meeting here, Chidambaram said, I have not yet looked at the issue of taxes. I will, however, do my best.    He emphasised the importance of addressing the issue of escalating costs and prices. There is a need to cut back on costs and stabilise prices. Cautioning industry on entrenchment of core inflation, he said even a 4 per cent inflation rate was unacceptable.    While the contribution of primary and fuel items to inflation had declined of late, certain manufacturing items were contributing to its rise. This could be because while demand is increasing, there are supply-side constraints. This inflates prices, he added.    Chidambaram blamed a section of industry for artificially pushing up product prices by holding back supply. Industry should refrain from such a short-term view of the booming economy because it will harm them by forcing interest rates to rise. It will work to the disadvantage of the economy.    On an increase in the risk weight for housing and real estate lending by the Reserve Bank of India, the finance minister said the banking regulator took the step because credit had been growing at 30.5 per cent for over 20 months. Credit to the housing sector had grown at 54 per cent and to commercial real estate at 102 per cent.    The RBI has accorded higher risk rates to some sectors where credit growth is high, to ensure monetary stability. If credit moderates for these sectors, interest rates will come down, but for the moment they are where they are.    Chidambaram also asked industry to look into the reasons why sectors like food products, paper, leather, chemicals, basic metals and machinery had shrunk.    Referring to Prime Minister Manmohan Singhs recent statement on speeding up implementation of infrastructure projects, he said the finance ministry had taken the suggestion seriously.    In the next few weeks, the government will put in place an institutional mechanism to facilitate implementation of large-scale projects in public and private sectors. Projects like the Delhi Metro or the greenfield airport projects in Hyderabad and Bangalore need to be completed fast, he said.    Earlier during the day, Chidambaram told non-resident Indians at the Pravasi Bharatiya Divas that the government would come out with new financial instruments and institutions for attracting their remittances for a longer duration.    Pointing out that on an average NRI remittances to India were of a three-year duration, he urged delegates to bring in money for at least 10 years. Urging NRIs to use their expertise for enhancing agricultural growth in the country, Chidambaram also promised to consider setting up of an institution for using their know-how for the countrys benefit.