He has also promised a Direct Tax code as the roadmap for structural reforms such as removal of surcharges, exemptions and cesses. The code will also possibly review the personal income tax exemption limits and take a call on distortionary taxes such as those on securities transactions and dividend distribution.

Mukherjee has reiterated that the government will get back to the path of fiscal prudence soon. While the soonest may be 2010-11 as the recently tabled Economic Survey indicates, the Finance Minister will have the recommendations of the Vijay Kelkar-led Thirteenth Finance Commission. The TFC that has been tasked to revise the roadmap for meeting the obligations under the Fiscal Responsibility and Budget Management Act is scheduled to submit its report by October this year.