Words to help you
decode the forthcoming
Budget Speech
Interim Budget: It refers to the budget of a government that's going through a transition period.
Interim Budget
A vote-on-account presents an estimate of expenditures to be sanctioned by the exchequer till the Budget is passed. It is a grant in advance by the parliament, in respect of the estimated expenditure for a part of the new financial year.
Vote on Account
Occurs when a governments
total expenditures exceed the revenue that it generates.
Fiscal deficit
Amount of money allocated in the Budget to a ministry or scheme for the coming financial year.
Budget
Estimates
Mid-year estimates based on six months actual trends that take into account likely expenditure and receipts for the balance six months.
Revised Estimates
Actual detailing of expenditure and receipts once a budget year is over.
Annual
Accounts
The tax paid by corporations or firms on the incomes they earn.
Corporate
Tax
A minimum tax that a company is liable to pay, even if it is under zero tax limits.
Minimum Alternative
Tax (MAT)
The rate of interest paid to the RBI by
commercial banks for short-term loans it lends against government securities.
'Repo' means repurchase of securities.