Shri birla, Member of Parliament, Lok Sabha

Finance Minister Nirmala Sitharaman is all set to present her second budget on February 1 and ahead of the Union Budget let us do a quick recap of some of the important terms and frequently asked questions about the Union Budget.What is Budget?Presented by the finance minister in the Lok Sabha, Budget is a detailed statement of the estimated revenues and expenditure to be incurred by the government in a particular fiscal year.What is Economic Survey?A flagship annual document of the finance ministry, the Economic Survey reviews developments in the Indian economy over the previous twelve months, summarises the performance on major development programmes and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.What is Income Tax?Tax levied on the income of the individuals from various sources like salaries, investments, interests, etc is known as income tax. Individuals are taxed under various slabs and rates depending on their age and amount of income earned. An individual earning income below the minimum threshold limit is exempt from paying taxes.What is Direct Tax?These are levied on the income of individuals or organisations like income tax, corporate tax, inheritance tax etc. What is Indirect Tax?These are the taxes paid by the consumers when they buy goods and services. Last year a new indirect tax structure was introduced, GST, which subsumed a dozen of state levies. GST stitched together a common national market among states and consolidated a patchwork of local and central duties such as excise into a single levy.What is Inflation?It is the general rise in price of goods and services in a economy for a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Consequently purchasing power of money is reduced.What is Fiscal Deficit?When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet shortfall. The excess of total expenditure over total non-borrowed receipts is called fiscal deficit.What is Fiscal Policy?Government's action with respect to aggregate levels of revenue and spending. It is implemented through the Budget and is the primary means by which the government can influence the economy.What is Gross Domestic Product (GDP)GDP per capita is often considered to be an indicator of a country's standard of living. Market value of all officially recognised final goods and services produced within a country during a given period of time indicates its GDP.

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In a televised statement after Union Budget was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman, Modi ... ...

In a bid to save the taxpayers from harassment, the Centre on Saturday proposed a mechsm to address the pressing problem. ...

In a major relief to middle class, Finance Minister Nirmala Sitharaman has proposed to cut income tax rates and change slabs to lower tax incidence for those earning upto Rs 15 lakh a year. ...

Finance Minister Nirmala Sitharaman will on Saturday present the budget of the second term of the Narendra Modi government. ...

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President Ram Nath Kovind on Friday hit out at those who indulge in violent activities in the name of protests and said that the government is ready for mutual discussions and debate on each issue but said such violent activities weaken the society a ...

The Budget session of Parliament, beginning on Friday, is set to be stormy as the opposition parties plan to take on the government on issues, like the economic slowdown and the Citizenship Amendment Act (CAA) that is facing countrywide protests. ...

Finance Minister Nirmala Sitharaman is all set to present her second budget on February 1 and ahead of the ... ...