Budget Terms You Must Know
In a few days, the government will be releasing its Budget. The Union Budget of India is the annual (and most extensive) report of the country’s finances. It contains the government’s revenue and expenditure for a particular fiscal year (April 1 to March 31), a statement of next year’s tax and tariff provisions, and a projection of the receipts and disbursements in the next fiscal year.The Finance Bill is that part of the Budget which is basically numbers and contains the tax and tariff provisions that have to be approved and passed by the parliament. Once approved, the Finance Bill becomes the Finance Act.If you are confused with all the jargon flying around, here are 5 broad terms that will give you clarity.