Budget 2025: Finance Minister Nirmala Sitharaman is going to present the Union Budget 2025 on 1 February. This will be the first full budget of the third term of the Prime Minister Narendra Modi government and his eighth budget as Finance Minister. To better understand the budget, it is necessary that we already know about its term. Here we are giving you information about the necessary words related to the budget in simple language.
1. Annual Financial Statement – AFS
This document gives information about the income and expenses of the entire financial year of the government.
2. Budget Estimate
This explains the allocation of estimated money for different ministries, departments and schemes of the government. It is estimated that where and how much will be spent.
3. Capital Expenditure – Capex
This is the money that the government spends in the construction of new infrastructure, assets and projects.
4. Capital Receipts
The money received from the cell or investment of government borrowing assets is called capital receipts.
It is an additional tax, which is levied for special tasks such as education or health service.
6. Consolidated Fund
The total income of the Government of India, borrowing from the market and loan are kept in consolidated funds, making government spends.
7. Continuous Fund
It is an emergency fund, which is spent with the approval of the President under unexpected circumstances. The money spent is compensated with consolidated funds.
8. Direct Taxes
Taxes that are directly charged from individuals or companies, such as income tax and corporate tax.
9. DIVESTMENT
The government calls the process of selling its owned properties disinvestment.
10. Economic Survey (Economic Survey)
Before the budget is presented, the government presents an economic survey, analyzing the economy of the last year and an economic approach for the coming year.
11. Finance Bill
This bill proposes a change in tax structure, such as implementing new tax or revising in existing tax.
12. Fiscal Deficit
When the total expenditure of the government is higher than its total income, it is called fiscal deficit. The government borrows to complete it.
13. Fiscal Policy
The government is adopted to maintain the balance of the country’s economy, which includes government expenditure and tax policies.
14. Indirect taxes
Taxes that are imposed on goods and services, such as GST, custom duty and excise duty. These tax customers pay.
15. Inflation
The increase in prices of goods and services in a country is called inflation. This affects the power to buy people.
16. NEW Tax Regime
The new tax was brought in the regimen 2022. It is also accompanied by the old tax regimen. Taxpayers currently have the option to election in new and old tax slabs.
17. Old Tax Regime
There are four tax slabs in this system, in which 30% tax was levied on those with more than Rs 10 lakh.
18. Public Account
It is associated with the transactions of the government where the government only plays the role of a banking agent, such as the money deposited in states or other institutions.
19. Tax Concession (Rebate)
The process of giving tax payers to taxpayers, which reduces their tax liability.
20. Revenue Deficit
When the revenue expenditure of the government is higher than its total revenue, it is called the revenue deficit.
21. Revenue Expenditor
The government is called revenue expenditure on regular expenses like salary, pension, subsidy and interest payment.
22. Revenue Receipts
The government calls revenue receipts from taxes, fine and services.
23. Tax collected at source – TCS at source
When a seller collects tax from the buyer on the sale of goods and services tax and deposits it to the government.
24. tax deduction
The way to reduce taxable income, which reduces taxpayers’ tax liability.
25. Tax Surcharge
This is an additional tax imposed on the high income group. For example, if a person’s annual income income is more than Rs 50 lakh, then he will have to overload.
8th Pay Commission: 186%, not 10 to 30% will increase salary in the eighth pay commission, with salary