As the government presents its annual budget, it's important to understand the key terms to make it easier to follow along. The financial year, which runs from April 1 to March 31, is used by the government to prepare the budget and by businesses and individuals for accounting and tax returns. This allows for the government to present the Union Budget in February, providing ample time for discussions and approvals before the new financial year begins. Let's break down the complexity and make the budget more accessible.
Understanding the Union Budget of India
The Union Budget of India is an annual financial statement presented by the government that outlines its income and expenditure for the upcoming financial year. The financial year in India runs from April 1 to March 31, and the budget is typically presented in February.
Key Terms
Importance of the Union Budget
The Union Budget is a crucial document that:
FAQs
1. What is the significance of the Budget being presented in February?
It allows ample time for discussions and approvals before the new financial year begins on April 1.
2. What is the difference between fiscal deficit and revenue deficit?
Fiscal deficit is the difference between total expenditure and total revenue, while revenue deficit is the difference between total revenue and non-capital expenditure (excluding interest payments).
3. How does the budget affect the common man?
Budget allocations can impact taxes, subsidies, healthcare, education, and other social welfare programs.
4. What are some key past events related to the Union Budget?
5. How can I stay informed about the Union Budget?
Keeway, through its affiliate firm AARI, has launched the K300 SF as a limited edition motorcycle in India. With an introductory price of INR 1.69 lakh, the company aims to attract early adopters looking for an upscale yet affordable riding experience. The bike boasts a powerful engine, dual-channel ABS, and a sporty streetfighter design, making it a strong contender in the upscale motorcycle segment. Don't miss out on this exclusive offer – subscribe to our newsletter now for more updates on the latest launches!
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