Union Budget 2021: The general budget is presented every year in the country. In this budget, information about the expenditure and revenue received in the year is given in all the ministries and departments of the country. The budget is presented in the Union Budget from April 1 to March 31 next year.
New Delhi: Budget is considered very important for accounting of income and expenses. In every country, a budget is also fixed for its expenses and income and according to this budget, the government works in the country. In India too, the budget is presented every year and in this budget the expenses incurred for the whole year are fixed.
A general budget is presented every year in the country. In this budget, information about the expenditure and revenue received in the year is given in all the ministries and departments of the country. The budget is presented in the Union Budget from April 1 to March 31 next year. The Union Budget is presented through the Union Finance Minister of the country. For the last several years, the general budget is being presented on February 1. The budget is presented in Parliament.
Many heavy words are also used during the budget, although these words often become very difficult for the common people and remain beyond comprehension. In such a situation, know here the meaning of some words heard in the budget ….
Fiscal deficit – The difference between government expenditure and earnings is called revenue deficit. If the government’s expenses are high and the earnings are less then it is called fiscal deficit.
Fiscal Surplus – This is also the difference between the government’s earnings and spending. If the government’s earnings are high and expenses are low, it is called fiscal surplus.
Capital gain tax – If any investment is making profit, then it is called capital gain. When an investment (shares, bonds, property, gold) is sold in a profit, then it is profitable. At the same time, the tax on this profit is called capital gains tax.
Gross Income – This is the income that is given to you through a company as salary. This includes basic salary, HRA, travel allowance, dearness allowance, special allowance, other allowance, leave encashment etc.
Taxable Income – Net salary comes after deducting savings or deductions from net salary. In this, deduction is reduced under standard deduction, insurance premium, medical expenses, 80C. Apart from this, income from any other source is added to it. After which comes taxable income. Apart from this, the rebate given by the government is also reduced.
Capital expenditure – This means the expenditure of government funds. Under this, assets are added and debt burden is reduced. Capital expenditure includes expenditure on the purchase of assets, investment and loans given to the state governments.
Capital receipts – This means the debt taken by the government. The amount coming from disinvestment of government companies also falls in this category. Apart from this, payments made on the loans taken from the center of the state governments are also included in this. Capital collection includes loans raised from RBI, help from foreign government, loans from public and loan recovery.
Revenue Expenditure – All the other expenses are added to the revenue expenditure except the expenditure divided in the capital expenditure. This does not affect the assets-liabilities. Salary, interest payment and other administrative expenses are also included in this revenue expenditure. This does not increase the productivity of the country nor does the government make any money. The subsidy given by the government, expenditure on government departments and government schemes, interest payments and grants to state governments are included in this.
Revenue Income – Taxes, dividends from public sector companies, as well as interest from loans given by the government are included in it.
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