Difference Between Interim Budget And Full Budget
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Finance Minister Nirmala Sitharaman will present the full Union Budget for 2024-2025 on July 23
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The Budget Session will start on July 22 and Nirmala Sitharaman will table the budget a day later
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An interim budget to cover the essential government expenses was presented on February 1, 2024, just before the Lok Sabha elections
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Here's how the Interim Budget differs from a Full or Annual Budget
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The Interim Budget is presented by a government in an election year to seek the Parliament's approval for funds required for the transition period (April-July)
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Also known as a vote on account, this budget is presented to ensure the continuity of government expenditures until a new government takes office
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This is a constitutional requirement. The outgoing government cannot make major financial decisions or commitments for the incoming government
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The annual Budget is presented by the new government after the elections and includes the annual financial statement for the entire financial year
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It is tabled in both Houses of Parliament, debated and passed. The Annual Budget includes tax changes, new schemes and allocations for various departments for the entire year
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