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Know your Budget terminology Fiscal Deficit Income Expense abcd of budget

Budget ki Pathshala: Before budget, understand the meaning of these special words, know the complete ABCD of the budget

Highlights

  • It is expected from every youth that he not only listens to this budget but also understands it.
  • In the budget, the finance minister will mention words like finance bill, fiscal deficit
  • The account of financial transactions between a country and the rest of the world is called balance of payment.

New Delhi. The country’s first woman Finance Minister Nirmala Sitharaman will present the budget on February 1. This budget is considered very important for the Indian economy battling the Corona crisis. This budget can prove to be a change in the direction and condition of the country. In such a situation, it is expected from every youth that he not only listens to this budget but also understands it. In the budget, the Finance Minister will mention terms like Finance bill, Fiscal deficit, Balance of payments and Current account deficit. But not everyone understands what they mean. We tell you what these words mean and how they affect your budget.

Which budget of Indian history was Black Budget, which Finance Minister imposed service tax, know this interesting information

Balance of payments:

The account of financial transactions between one country and the rest of the world is called balance of payment.

Balanced budget:

A central budget is said to be a balance budget when the current receipts are equal to the current expenditure.

Budget History: General budget was presented in India at 5 pm, time changed in 2001 due to this reason

Budget deficit:

Such a situation arises when your expenses exceed the revenue received.

​Bond:

It is a certificate of debt issued by a government or corporation to raise money. Interest is earned on this.

CENVAT:

It is a central value added tax, which is levied on the manufacturer(s). This term was introduced in the year 2000-2001.

Corporate Tax:

This type of tax is levied on corporate institutions or firms, through which the government earns income. This system has been abolished after the introduction of GST.

Current account deficit:

Such a deficit reflects the difference between national imports and exports. Read- Definition of budget

Fiscal deficit:

It is the difference between the total expenditure of the government and the sum of revenue receipts and non-debt capital receipts.

GDP:

It is the sum total of the total goods and services produced within a country’s borders in a financial year.

Finance bill:

This is a description of the new tax proposed by the government, it also includes some amendments in the existing tax.

आयकर (Income tax):

It is applicable on your source of income such as income, investments and interest earned thereon.

Indirect taxes:

It is levied through excise duty, customs duty and service duty on manufactured goods and imported-exported goods.

Direct taxes:

Income tax, corporate tax, capital gains tax and inheritance tax are levied on the income and sources of individuals and institutions.

Excise duties:

Tax on all products manufactured within the borders of a country. Excise duty has also been subsumed in GST.

Customs duties:

It is levied on those goods which are imported into the country or are exported (special products) outside the country.

Disinvestment:

The process of raising revenue by the government selling its stake in a public institution.

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