P Chidambaram had indicated that there could be a significant revamp in the taxation schemes. The direct taxes could be reduced from the existing 33.6 per cent, inclusive of surcharge to about 25 – 30 per cent. Thus, the reduction in the direct taxes would come as a sigh of relief to the several [...]

With prices on the rise and our tax structure not adjusted for inflation, the middle-class and lower middle-class segments deserve a sizable tax relief in the forthcoming Budget. Also, industry is justified in demanding a reduction in corporate tax rates as this is needed to remain competitive in a globalised world.According to  T. C. [...]

Finance Minister P Chidambaram on Friday said keeping inflation rate low, not high growth, was a priority for the government.
His statement comes amid fear that a possible recession in the US can affect economies of developing countries, including India.the finance minister was confident that the US economy would not move towards recession and would [...]

The Prime Minister’s Economic Advisory Council has recommended that the Finance Minister should adjust indirect taxes on consumer goods in Budget 2008.
This move, the EAC feels, will give manufacturing growth a push, and help maintain economic growth at around 8.5 per cent. The Council also advised the Finance Minister to increase public investment, and [...]

The Union Budget 2008-09 is expected to be presented on February 29, this being a leap year.
The three-month long Budget session is likely to begin on February 25, government sources said.
Finance Minister P Chidambaram has already started pre-budget consultations with various experts.
Government is likely to raise the tax exemption limit from Rs 1.1 lakh [...]

Trade unions have opposed the government’s plans for merger of public sector banks. At a pre-Budget meeting with finance minister P Chidambaram here on Wednesday, the unions demanded that the government reverse the merger process of State Bank of Saurashtra with SBI at the earliest. They added there should be expansion of branches in [...]

India Inc on Tuesday made a strong pitch for an across-the-board reduction in personal tax rates to attain a 10% GDP growth rate. Industry captains told finance minister P Chidambaram at a pre-Budget meeting that excise duty on manufacturing should also be slashed to 14% from the current 16%.
With direct tax collections continuing to [...]

Finance minister P. Chidambaram will kick off his formal pre-budget deliberations today, ahead of what will be the fifth general budget of the Congress-led United Progressive Alliance (UPA) government and his seventh as the Union finance minister.
The Union Budget that will be presented by Finance Minister Palaniappan Chidambaram in late February may well be [...]