BUDGET GLOSSARY

HERE ARE SOME IMPORTANT BUDGET RELATED TERMS THAT YOU SHOULD KNOW

Published By Livemint | 01 Feb, 2023

Many people don't understand meaning of tough words

Let's try to understand some of the words used in budget

Article 112 of the Constitution requires the government to present a statement of estimated receipts and expenditure

Annual Financial Statement

All revenues raised by the government, money borrowed and receipts from loans given by the government flow into the consolidated fund of India

Consolidated Fund

Any urgent or unforeseen expenditure is met from this fund

Contingency Fund

This fund is to account for flows for those transactions where the government is merely acting as a banker

Public Account

All receipts and expenditure that in general do not entail sale or creation of assets 

Revenue receipt/Expenditure

All receipts and expenditure that liquidate or create an asset would in general be under capital account

Capital receipt/Expenditure

Tax on profits of companies

Corporation Tax

these are taxes where the burden of tax falls on the person on whom it is levied

Direct Tax

These are largely taxes on expenditure and include Customs, excise and service tax

Indirect Tax