« 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 «  Tax boom keeps govt buoyant... When cure is better than prevention... » Fiscal deficit up 43 pc in Q1 August, 26th 2006 Despite 32 pc rise in gross tax revenues -------------------------------------------------------------------------------- Expenditure rise Growth in revenues was overtaken by a sharper increase in total expenditure (40 per cent), with a higher growth of 59 per cent in Plan expenditure and 34 per cent in non-Plan spending. -------------------------------------------------------------------------------- The Centre's deficit numbers have registered a spurt during the first quarter of the current fiscal. According to the Finance Ministry's Quarterly Review of Government finances tabled in Parliament on Friday, the Centre's gross fiscal deficit during April-June 2006, at Rs 77,740 crore, was 42.6 per cent higher than the Rs 54,517 crore for April-June 2005. The corresponding figures were similarly higher for the revenue deficit (Rs 70,675 crore versus Rs 47,311 crore) and the primary deficit (Rs 48,126 crore versus Rs 28,089 crore). The fiscal deficit equals the Centre's total expenditure (on both revenue and capital accounts) minus its revenue and other non-debt receipts. The primary deficit is the fiscal deficit net of interest payments, while revenue deficit is the difference between the Centre's revenue receipts and revenue expenditures. Buoyant conditions The rise in deficit numbers comes despite a healthy 32 per cent increase in the Centre's gross tax revenues, led by service tax (up 58 per cent), corporation tax (up 50 per cent), income tax (up 40 per cent), customs (32 per cent) and excise (seven per cent). Significantly, the collection of securities transaction tax during the first quarter, at Rs 1,217 crore, was way above the Rs 359 crore raised in the same period of 2005, reflecting buoyant market conditions. But the growth in revenues was overtaken by a sharper increase in total expenditure (40 per cent), with a higher growth of 59 per cent in Plan expenditure and 34 per cent in non-Plan spending. The review statement said that the higher Plan expenditure was due to the large advance transfers made for the Rural Employment Guarantee Scheme (REGS), while non-Plan spending zoomed because of higher food and fertiliser subsidies. Spending under the REGS alone went up from Rs 4,369 crore to Rs 8,996 crore. There has also been a `front-loading' of expenditure by various Ministries and Departments during the first quarter of this fiscal, the statement added.