The Union Budget 2025 will soon be presented by Finance Minister Nirmala Sitharaman on February 1, 2025. Sitharaman under the PM Narendra Modi-led government, will be presenting the budget for the eighth consecutive time and still holds the record for the longest budget speech in 2020 standing at 2.42 hours long.
The budget announcement can be an incredibly nerve-wracking moment, especially for the country’s common people who would have to bear the brunt of most changes. Most people are probably wondering how the new Budget will impact their daily lives, how much more tax will increase, what rebates and reductions will be included, and more.
However, to be able to really understand the Budget and figure out if it’s helpful or just another burden on the regular citizens of the country, it is important to know some of the key terms and what they mean particularly in regards to the Union Budget.
Here are some of those terms and what they mean:
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There are also several other terms, such as the Capital Expenditure (Capex) which is the amount of money the government is spending on buying or developing long-term assets like infrastructure, buildings, and equipment that would help boost the economy or a ‘Cess’ which is an additional tax imposed over existing taxes for specific initiatives like healthcare and education.
A Consolidated Fund is the chief account that has all the revenue the government has earned including taxes, borrowings, and loans while the Contingency Fund is a reserve only meant for emergencies and unforeseen expenses that is managed by the President of India and can only be used after getting approval from parliament.
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Sources: The Economic Times, CNBC, Mint
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This post is tagged under: Budget 2025, Budget 2025 news, Budget 2025 terms, Budget 2025 tax, tax India, income tax, income tax India,
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