Union Budget 2016-17: Terms to know
We take a look at the terms associated to Union Budget.
- Feb 19, 2016,
- Updated Feb 19, 2016 5:12 PM IST
We take a look at the terms associated to Union Budget. INCOME TAX
This is the tax levied on individual income from various sources like salaries, investments or interest
INDIRECT TAXTax imposed on goods manufactured, imported or exported such as excise duties and custom duties
INFLATIONInflation is a sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level
GDPTotal market value of the goods and services manufactured within the country in a financial year
FISCAL DEFICITFiscal deficit is the gap between the government's total spending and the sum of its revenue receipts and non-debt capital receiptsEXCISE DUTYThese are levies paid by manufacturers on items manufactured within the country. Usually, these are passed on to the consumer
DIRECT TAXESThese are the taxes that are levied on the income and resources of individuals or organizationsDISINVESTMENTIt is the liquidation or sale of part or the whole of government's stake in public sector undertakings
CORPORATE TAXThis is the tax paid by corporates or firms on the incomes they earn
CURRENT ACCOUNT DEFICITThis deficit shows the difference between the nation's exports and imports
BUDGETThe annual Union Budget is an estimate of the Government of India's revenue and expenditure for the end of a particular fiscal year, which usually runs from April 1 to March 31
APPROPRIATION BILLThis Bill is like a green signal enabling the withdrawal of money from the Consolidated Fund to pay off expenses. These are instruments that Parliament clears after the demand for grants has been voted by the Lok Sabha
We take a look at the terms associated to Union Budget. INCOME TAX
This is the tax levied on individual income from various sources like salaries, investments or interest
INDIRECT TAXTax imposed on goods manufactured, imported or exported such as excise duties and custom duties
INFLATIONInflation is a sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level
GDPTotal market value of the goods and services manufactured within the country in a financial year
FISCAL DEFICITFiscal deficit is the gap between the government's total spending and the sum of its revenue receipts and non-debt capital receiptsEXCISE DUTYThese are levies paid by manufacturers on items manufactured within the country. Usually, these are passed on to the consumer
DIRECT TAXESThese are the taxes that are levied on the income and resources of individuals or organizationsDISINVESTMENTIt is the liquidation or sale of part or the whole of government's stake in public sector undertakings
CORPORATE TAXThis is the tax paid by corporates or firms on the incomes they earn
CURRENT ACCOUNT DEFICITThis deficit shows the difference between the nation's exports and imports
BUDGETThe annual Union Budget is an estimate of the Government of India's revenue and expenditure for the end of a particular fiscal year, which usually runs from April 1 to March 31
APPROPRIATION BILLThis Bill is like a green signal enabling the withdrawal of money from the Consolidated Fund to pay off expenses. These are instruments that Parliament clears after the demand for grants has been voted by the Lok Sabha