Budget talks to start this month

The centre is set to kick off its Budget consultations at least 90 days ahead of schedule, with revenue secretary KM Chandrasekhar expected to write to the states and industry bodies for their inputs this month.

Officials said the revenue department hoped to finish with the presentations by industry bodies by December and spend more time analysing the proposals.

The revenue department was also planning to rope in outside agencies to undertake sector-specific reports, officials said, adding that the agencies and the sectors would be identified this month.

The department has set up an expert group on the simplification of the Income Tax Act under Central Board of Direct Taxes member M H Kherawala.

A panel on the tax treatment of long-term savings instruments has also been set up. Officials said the reports of the two expert groups were likely to be put in the public domain for comments ahead of the Budget.

There is, however, not much change in the Budget preparations on the expenditure side. The expenditure department will begin the exercise of finalising the revised Budget figures next month.

In a break from the past, expenditure secretary Adarsh Kishore has held a series of interactions with financial advisers of various government departments and ministries after segregating them into three separate groups.

Preparations

• The Centre will write to the states and industry bodies for their inputs.
• The revenue department is also planning to rope in outside agencies to undertake sector-specific reports.
• A panel has been set up on the tax treatment of long-term savings instruments under the EET method.