The General Budget for the financial year 2022-23 will be presented on February 1, 2022, while the Economic Survey will come on January 31. People have high hopes for this budget being presented in the shadow of Corona. Today we are going to tell you about some special words, which would have been used in the budget speech and the meaning of most of them is not clear to the people. In such a situation, we are going to tell the meaning of some such words, with the help of which you will easily understand the essence of Sitharaman's budget speech.
What is disinvestment?
If the government sells its stake in a public sector company to the private sector, it is called disinvestment. This stake is sold by the government through shares. This stake can be sold to an individual or a private company.
What is meant by bond?
When the central government is short of money, it issues bonds to raise money from the market. It is a type of loan, the repayment of which is done by the government within a stipulated time after getting the money. Bonds are also called certificates of debt.
What is the Balance of Payment?
Whatever financial transaction takes place by the state governments of the central government and the governments present in other countries of the world, it is called the balance of payment in the budget language. A balanced budget is when both the expenditure and earnings of the government are equal.
What is Custom Duty?
When goods come into India from another country, the tax that is levied on them is called Custom Duty. It is also called a customs duty. This duty is levied as soon as the goods are landed in India by sea or air.
What is meant by excise duty?
Excise duty is levied on those products which are levied within the country. It is also called excise duty. This fee is levied on the manufacture and purchase of the product. At present, there are two major products in the country, from which the government earns the most. Petrol, diesel, and liquor are the best examples.
What is a fiscal deficit?
The additional debt taken by the government is called a fiscal deficit. If seen, the fiscal deficit is only an additional burden on the domestic debt. With this, the government bridges the gap between income and expenditure.
What is a direct tax?
A direct tax is a tax that is levied on the income of individuals and organizations, regardless of the source of income. Investment, salary, interest, income tax, corporate tax, etc. come under direct tax only.
think of growth rate as
Gross Domestic Product (GDP) is the total production of goods and services provided within a country during a financial year. This word also has the highest emphasis on the budget.
finance bill is called
While presenting the general budget through this bill, the Finance Minister proposes new taxes, etc. with the idea of increasing government income. Along with this, an amendment in the existing tax system, etc. is proposed in the Finance Bill. It is implemented only after getting the approval of the Parliament. This is done every year during the presentation of the budget by the government.
short term capital asset
Capital assets held for less than 36 months are called short-term capital assets. Whereas in the case of shares, securities bonds, etc., this period is 12 months instead of 36 months.
Learn about indirect tax
Indirect tax is the tax levied on customers while buying goods and using services. GST, Customs Duty, Excise Duty, etc. come under indirect tax only.
What is Capital Asset?
When a person, business or professional, invests or makes purchases in something for any purpose, then the property purchased with this amount is called a capital asset. It could be anything from bonds, stock markets, and raw materials.
Capital Gains and Assessment
Capital gains are the profits made from the sale or transaction of capital assets. Whereas such a person who is liable to pay tax under the Income Tax Act is called an assessee.
last financial year
It is a financial year that comes immediately before the assessment year. It starts on 1st April and ends on 31st March. The amount earned during this period has to be taxed in the assessment year. That is, if 1 April 2020 to 31 March 2021 is a financial year, then the assessment year will be from 1 April 2021 to 31 March 2022.
current financial year
It is a financial year, which starts from 1st April and runs till 31st March. At present, the government is considering changing the financial year.
assessment year
This is the assessment year, which is the next year of a financial year. For example, from 1st April 2020 to 31st March 2021, if it is a financial year, then the assessment year will be from 1st April 2021 to 31st March 2022.
income tax exemption
Every countryman is generally familiar with this word. Even in the budget, most of the eyes are fixed on this. The income of the taxpayers does not come under the purview of tax. That is, on which no tax is levied. It is called income tax exemption.
Salman Khan: Bhaijaan left for Dubai amid firing at home! Will launch his fitness brand with tight security
Salman was seen at the Mumbai airport and was accompanied by his bodyguard Shera. He was also given Y+ security, which has been provided to him by the Government of
RBI: RBI will sell $100 billion to stop the fall in the rupee, and will get support for 4 months
The rupee continues to depreciate against the dollar. On Wednesday, it fell and closed for the first time by reaching above 80. RBI will sell one-sixth of the total foreign exchange reserves i.e. $100
US GDP: US GDP shrank for the second consecutive quarter, and fears of recession
US News: Earlier this month, President Joe Biden said that the US economy is not heading towards recession, but in the second quarter (April to June), America's GDP declined at an annual rate of 0.9
Why is the new sub-variant of COVID-19 NB.1.8.1 in the news? WHO is also keeping an eye on it
The new sub-variant of COVID-19, NB.1.8.1, is in the news these days. It is believed that it can infect people on a large scale very quickly. Like the other recent strains, it also belongs to the
'I don't have any land or house in India, I worked without salary', said Sam Pitroda on BJP's allegations
The BJP leader accused Indian Overseas Congress President Sam Pitroda of illegally usurping 12.35 acres of government land in Bengaluru. Now Sam Pitroda responded to these allegations on Wednesday. He
Delhi New CM: After PM Modi's arrival, who will get lucky and become the Chief Minister of Delhi?
Prime Minister Narendra Modi has returned from his US tour late on Friday night. With his return to the country, the activities of forming the government in Delhi will also gain momentum. A decision
PM Modi spent four hours in the White House, reading about the issues discussed from defense to the extradition of Tahawwur Rana?
The meeting between President Donald Trump and PM Narendra Modi has prepared a blueprint for the relations between India and America for the next ten years.
IPL 2023: Dhoni remembers Kharagpur railway station in Eden, seeing the crowd of fans say – have come to give me Farewell
Mahendra Singh Dhoni has indicated his retirement from IPL. He said after the match against Sunrisers Hyderabad that he is in the last phase of his career. Now Dhoni said after the match against
Who is the President: Obama dominated the White House party, calling Biden the Vice President; US President wandering alone
It has been almost 15 months since Joe Biden became the US President. He is from the same Democrat party with which his former boss Barack Obama was. It's also been five years since Obama left the
50 attacks on Indians in China in 4 months: In Beijing-Shanghai, students and working people are targeted
There was a crowd in the metro train of Guangzhou city of China, so people were standing and traveling. Meanwhile, some passengers started arguing. Soon the atmosphere became heated and many people
