Budget 2024: 7 Key Terms You Must Know
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The Union Budget for 2024-2025 will be presented by Finance Minister Nirmala Sitharaman on July 23
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Here are some important financial terms you must know
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Annual Financial Statement: It estimates the government's income and expenses for the next financial year
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Budget Estimates: Funds allocated to ministries and departments during the Budget speech, indicating planned expenditures
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Current Account Deficit (CAD): The difference between a country's export earnings and import spending, results in a shortfall when imports exceed exports
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LTCG (Long Term Capital Gains): A tax on profits from investments held for over three years, such as shares, real estate and bonds
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Minimum Alternate Tax (MAT): A tax ensuring companies pay a minimum corporate tax, despite exemptions and subsidies
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Outcome Budget: A report tracking the utilisation of funds by ministries and departments, providing a progress update on key government schemes and making sure funds are used for their intended purposes
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Zero-Based Budgeting: Budgeting approach where all expenses must be justified, ensuring optimal resource allocation and minimising waste
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