Essential Budget Terms for Everyone

19 Jul 2024 , 12:40 PM

To assist you in better understanding the budget, we have created a list of frequently used financial phrases that you may anticipate to hear during the budget process. Read on!

Here are the essential budget terms that you should be aware of:

Interim Budget refers to a budget of a government that is going through a transition period.

Vote on Account presents an estimate of expenditures to be sanctioned by the exchequer till the budget to is passed.

Fiscal deficit is the deficit that occurs when a government’s total expenditures exceeds the revenue that it generates.

Budget Estimates refers to the amount of money allocated in the budget to a ministry or scheme for the coming financial year.

Revised Estimates are the mid-year estimates based on six months actual trends that take into account likely expenditures and receipts for the balance six months.

Annual Accounts are the actual detailing of expenditure receipts once a budget year is over.

Corporate Tax is the tax paid by corporations or firms on the income they earn.

Minimum Alternative Tax refers to a minimum tax a company is liable to pay, even if it is under zero tax limits.

The rate of interest paid to the RBI by commercial banks for short-term loans it lends against government securities.

For feedback and suggestions, write to us at [e-mail]