Finance Minister Nirmala Sitharaman will present the interim Union Budget 2024 before the commencement of the next financial year, on February 1.
Here are some key financial terms you must know.
Economic SurveyThe Economic Survey presented during the Budget session is a flagship document summarising the performance of the economy in the ongoing financial year.
InflationInflation is the rate of increase in the prices of goods, services and commodities in the country. The higher the inflation any year, the weaker the purchasing power of a consumer.
Direct and indirect taxesDirect taxes are defined as the taxes that are levied directly from a taxpayer, such as income tax or corporate tax. Indirect taxes are the taxes levied indirectly, such as GST, VAT, and excise duties on a service.
Finance BillThe government uses the Finance Bill as a document to introduce the policy of levying new taxes and making alterations to the tax structure.
Capital expenditure (CAPEX)It is the total amount of money that the Centre is planning to use in the development, acquisition, or degradation of machinery and assets.
Budget EstimateIt is the estimated funds allocated to ministries, departments, sectors and schemes in the country. It determines how and where the money will be used and what costs will be incurred during a given period.
Fiscal DeficitIt is the difference between the total spending of the government and revenue receipts of the previous financial year.