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Hyderabad March 6 Mr D.V. Dharmik, Chief Commissioner (Income Tax) has said that the Union Budget for 2007-08 is a growth-oriented Budget. "The Budget would set the direction for the overall growth and development of the economy," Mr Dharmik said.

Addressing a CII discussion on the Budget here on Monday, he said the fact that the share of the direct taxes had gone up was an indication of a buoyant economy.

Ms Jasdeep V. Singh, Chief Commissioner (Customs and Central Excise), said that six banks have been short-listed for Internet-based filing of taxes. She stated that the tax procedures have been made much simpler than before and this had translated into better compliance.

Dr G. Vivekanand, Chairman of CII (AP), said that sound economic management at the macro level was a key feature of the Budget.

Mr K.R. Sekar, Partner of Deloitte Haskins and Sells, felt that clarity was required on taxation of Esops (employee stock ownership plans) under fringe benefit tax.

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