The Union Budget will be presented to Parliament either on July 2, or on July 5, said a report in The Financial Express. Union Finance Minister P Chidambaram has directed his ministry officials to be ready for either of the two dates, depending on the business of the House, the FE report said. The budget session of Parliament will begin in the last week of June.

P Chidambaram has already taken stock of the fiscal situation and is reportedly confident that he will not be required to propose any new tax imposts, if he is not forced to find funds for any excessively large expenditure commitments.

Apparently the finance ministry officials have informed Chidambaram that India's fiscal position is strong. The finance minister is beginning a series of consultations with officials and economists before the Budget presentation.

Reports said that former Union finance secretary Montek Singh Ahluwalia will also come to New Delhi on June 12 for consultations. Ahluwalia currently heads the Independent Evaluation Office of the International Monetary Fund in Washington DC.

The country's annual economic survey will be presented before the budget.

FinMin reshuffle on cards

With the new Congress-led government assuming office, a major bureaucratic reshuffle in the finance ministry is on the cards, but Former finance minister Jaswant Singh's advisor Vijay Kelkar is expected to retain his post under the new minister, P Chidambaram, said CNBC.

Kelkar, who was instrumental in coming out with bold and far-reaching reports on direct and indirect tax reforms, appears to have got a 'green signal' from Chidambaram for continuing his duty, official sources said.

Kelkar's term was to have ended in early August this year.

But it looks more or less certain that he would continue beyond his tenure as he is favorably disposed with both Prime Minister Manmohan Singh and Chidambaram, even though he was appointed by the NDA government, sources said.

There are already indications that finance secretary D C Gupta could be shifted but it is to be seen if he would be changed before the serious exercise of the Budget begins in June. Gupta is scheduled to retire in July this year.

Revenue Secretary Vineeta Rai, who was to retire in July-August, has already assumed charge as Chairperson of the interim Pension Fund Regulatory and Development Authority.

Expenditure Secretary, D Swarup, who is an expert in Budget making, may however retain his position for the time being as he is also in charge of budget division.

Secretary for Financial Sector N S Sisodia, who was close to Jaswant Singh, was earlier tipped to take over from D C Gupta when he retires. Sources said it is not clear whether he would become finance secretary under the new Congress-led government.