January 29, 2024Anmol Nagpal

Budget-terms you should know before FM's speech

Union Budget | It is a comprehensive report detailing the government's revenues and expenditures for the upcoming fiscal year.

Source: PTI

Capital Budget | It comprisis of capital receipts and payments.

Source: Unsplash

Revenue Budget | It deals with the day-to-day operations of the government.

Source: Budget

Fiscal deficit | It represents the disparity between government spending and the sum of its revenues and non-debt capital receipts.

Source: Pexels Photo

Finance Bill | It outlines the government's proposals for tax related changes, amendments or introductions and is presented to Parliament.

Source: FIle Photo/PTI

Central Plan Layout | It refers to the allocation of monetary resources to various sectors like energy, transport, social services, etc.

Source: Unsplash

Tax Deduction | It refers to the reduction in the taxable income by a specified amount.

Source: Republic

Tax Deducted at Source | It refers to the collection of tax at the source of income.

Source: Shutterstock

Tax Collection at Source | It refers to the additional tax collected by a seller from the buyer and the time of sale.

Source: Unsplash

Rebate | It refers to a reduction in total income tax, stimulating economic activity by reducing the tax burden.

Source: Unsplash