Normal for the financial year 2021-22 Budget Will be released on February 1, 2021. People have high expectations from this budget. Only if you know the meaning of these 19 words can you get the gist of Finance Minister Nirmala Sitharaman’s budget speech. Easily Will understand.
If the government sells its stake in the public sector company to the private sector, it is called disinvestment. This partnership is sold by the government through shares. The partnership is sold to a single person or a private company.
When the central government is short of money. They then issue bonds to raise money from the market. This is a kind of loan. Which is paid within the time fixed by the government after the money is received. The bond is also given a certificate of loan.
Balance of payment
The money that is exchanged between the Central Government, the State Governments and the governments present in other countries of the world is called balance of payment in the language of the budget.
When goods are imported into India from another country, the tax levied on them is called customs duty. This is also called customs. This duty is levied when imported into India by sea or air.
Excise duty is levied on products made within India. It is also called excise duty. This charge is levied on making and buying the product. There are currently two major products in the country. In which the government earns the most. Petrol, diesel and alcohol are the biggest examples of this.
Direct taxes are those that are levied on the income of individuals and organizations. No matter what the source of income. Investment, interest, income, corporate tax etc. come under direct tax.
Gross Domestic Product (GDP) is the total production of goods and services rendered in a country during a financial year.
Presenting the general budget through this bill, the finance minister proposes new taxes etc. with the idea of increasing government revenue. At the same time, any kind of research etc. is introduced in the tax system present in the Finance Bill. It is implemented after getting the approval of the Parliament. This is what the government does every year during the presentation of the budget.
Short Term Capital Asset
Capital assets held for less than 36 months are called short-term capital assets. In case of share security and bonds, the time limit is 12 months instead of 36 months.
The tax levied on those people by consumers during the purchase of goods and use of services is called indirect tax. GST, customs duty and excise duty etc. come under indirect tax.
When a person invests or buys in a business or professional for any purpose, the property purchased with this amount is called capital asset. This could be anything from bonds, stock markets and raw materials.
Profits from the sale of capital assets or transactions are called capital gains.
A person who is liable to pay tax under the Income Tax Act.
Last financial year
This is a past financial year. Which comes just before the tax assessment year. This starts on April 1 and ends on March 31. The amount earned during this period is taxable in the assessment year. That is, from April 1, 2015 to March 31, 2016, if it is a financial year, the tax year will be from April 1, 2016 to March 31, 2017.
This is the financial year. Which will run from 1 April to 31 March. The government is currently considering changing the financial year.
Tax Assessed Year
This is the tax year. Which is the next year of any financial year. As if 1 April 2015 to 31 March 2016 is the financial year then the tax assessed year is from 1 April 2016 to 31 March 2017.
Taxpayers’ income which does not fall within the tax limits i.e. on which no tax is levied.