Key terms to look out for

Interim Budget

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Vote on Account

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Fiscal Deficit

Budget Estimates

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Revised Estimates

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Annual Accounts

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Corporate Tax

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Minimum Alternative Tax

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Repo Rate

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Key terms to look out for

Interim Budget

It refers to a budget of a government that is going through a transition period

Vote on Account

It presents an estimate of expenditures be sanctioned by the exchequer till the Budget to is passed

Fiscal Deficit

A fiscal deficit occurs when a government's total expenditures exceeds the revenue that it generates

Budget Estimates

Amount of money allocated in the Budget to a ministry or scheme for the coming financial year

Revised Estimates

Mid year estimates based on six months actual trends that take into account likely expenditures and receipts for the balance six months

Annual Accounts

Actual detailing of expenditure receipts once a budget year is over

Corporate Tax

The tax paid by corporations or firms on the incomes they earn.

Minimum Alternative Tax

A minimum tax a company is liable to pay, even if it is under zero tax limits

Repo Rate

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