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.
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