« 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 «  Govt collects Rs 44,463 cr taxes in Q1... FD tax sops come with a PAN rider... » Fiscal deficit target possible: Govt August, 02nd 2006 The government today said it is working to meet the fiscal deficit target of 3.8 per cent of the GDP in the current financial year and also keep borrowing within prescribed limits.    Speaking to reporters outside Parliament, Finance Minister P Chidambaram said the fiscal deficit was higher than expected due to front-loading of expenditure.    Plan expenditure looks high because it is front-loaded. The situation was the same last year as well, he said.    Chidambaram said expenditure has increased because transfer to states have been generous and expenditure on roads, ports and other infrastructure has risen.    He said higher expenditure is good so long as it remains within the budgeted target. As per the fiscal responsibility and budgetary management targets, the government has projected to bring down fiscal deficit to 3.8 per cent of the GDP this financial year, down from 4.1 per cent the previous year.    In a report, JPMorgan Chase Bank said spending could have been front-loaded or some delayed expenditure from last year had come through in the early months of this financial year.    However, it is unclear how much of the jump in expenditure owes to higher populist spending, especially on the National Rural Employment Guarantee Act. The lack of clarity on the reasons and sources of the unexpected surge in spending only increases the uncertainty over achieving the full-year fiscal deficit target, it said.    As per the latest data, fiscal deficit at Rs 77,740 crore in the first quarter accounted for 52.30 per cent of the projected figure of Rs 1,48,686 crore for the entire financial year.    Total expenditure at Rs 1,31,470 crore during the quarter was 23.3 per cent of the total estimates of Rs 5,63,991 crore, while receipts at Rs 53,730 crore accounted for just 12.9 per cent of the projections for the year.