Budget FAQS

All your Questions Answered

Union Budget 2024 refers to the estimation of the revenue collected by the government and the expenditures incurred during the 2024-25 financial year.

Two Budgets are presented in an election year. This includes an Interim Budget, which is presented in February - ahead of the elections, and a full Budget after a new government is formed.

The new government can stick to or change the estimates as it deems fit. Once cleared by the parliament, the full Budget replaces the estimates presented earlier.

The annual Economic Survey provides an overview of economic performance and the key macroeconomic indicators. Authored by the Chief Economic Adviser, it is usually presented a day before Budget presentation.

The Revenue Budget refers to the projected income sources that includes GST, income tax, corporate tax, excise duty. Non-tax revenues like disinvestment also come under this.

The Expenditure Budget is the allocation made across sectors like defence, healthcare, primary education, PM Kisan, infrastructure projects, and so on.

The ‘Budget at a glance’ document provides an overview of the key budget objectives and the allocation of funds across sectors. It also informs the projected fiscal deficit during a specific financial year and sets the annual growth target.

Budget outlines multiple government policies that may impact expenditures related to our daily activities. So all citizens are expected to check the Budget to understand how our country’s finances are being managed

Salaried employees must look for changes in the income tax rebate, tax slabs, tax benefits, and other components.

This is a document presented to Parliament every financial year as part of the Budget process. Usually, it is divided into Consolidated Fund, Contingency Fund, and Public Account.

This defines the tax slabs and rates for salaried and other earning individuals. The government had introduced an optional simplified income tax regime, known as New Tax Regime in 2020.

A Finance Bill is a key Budget document as it contains all details of the government revenue, expenditures and allocations for a financial year. It contains all the details about new taxes and alterations to existing tax structures. The Finance Bill is presented for a period of one year and after the bill is passed it becomes the Finance Act.

Fiscal Deficit is the difference between the government's total expenditure and the revenue receipts in a financial year. To bridge this gap, the government adopts several measures, including borrowing funds from the Reserve Bank of India (RBI).

GDP is one of the most commonly used macroeconomic indicators that serves as an important tool to judge how an economy is performing. It is the total value of consumer goods and services produced domestically in a country, within a given period of time.

Budget estimates refer to the estimated funds allocated to various ministries, departments, sectors, and schemes of the central government. It determines the costs that will be incurred over a specific time period as well as how and where the money will be used.

Capital Expenditure, or Capex, includes the funds that the Centre proposes to allocate for the various developmental projects, acquisition, or depreciation of machinery and assets linked with economic development.