NO REVENUE DEFICIT BY 2008-09 - FM-SPEAK
After a meeting with the chief commissioners of income-tax yesterday, Mr Chidambaram said:-
1. The revenue deficit would be eliminated by 2008-09.
2. The target of reducing fiscal deficit to 3.3 per cent of GDP as well as collecting Rs 2,67,490crores direct tax revenues would be met this fiscal.
3. We have been right so far, there is no reason why we should be wrong next year.
4. The Fiscal Responsibility and Budgetary Management Act has targeted revenue deficit to be wiped out by 2008-09.
5. I will achieve whatever I have proposed in the budget
6. The total direct taxes collected for the first three months stood at Rs 41,154 crores. We are on target. I am confident that the targets would be achieved. Anything more than that, I will welcome.
7. Overall direct tax collections are expected to grow by 16.31 per cent at Rs 2,67,490crores.
8. e-filing of tax deducted at source (TDS) returns will be mandatory from September 1, 2007 for corporates and those companies whose turnover is Rs 40 lakh or more a year.
9. e-payment of TDS would be mandatory from them from January 1, 2008.
10. File your returns today; there will be no extension.