Jose John May 11, 2016 No Comments
GOVERNMENT BUDGET Govt. budget! It always descends like a thunderbolt. Budget means, working out a strategy as to how to meet the intended expenditure till next year by levying fresh taxes to enhance revenue. It has five branches as discussed below. It is an event that the entire nation expect for income tax relaxation or some sort of waiver. And the old practice is that, it is the Finance Minister who would always read the Budget only in the evening at 5:30 p.m. And the date they select is the 28th of every February. So the tradition goes in India. Upon calculating the revenue and the expenditure which is of two kinds: plans and non-plans, the shortfall between the earnings and expenditures is known as deficit. Ministers of all portfolios need to submit the expenditures and revenues of their respective branch. But still it is only a document until it is read and got the nod of approval from the MPs. Deficit: Shortage of funds with the govt. The expenses are more and the revenue is less. It forces the govt. to squeeze more money from the public by means of taxes. It is better called as budgetary deficit. Estimation: To anticipate the unexpected! It means, the estimation of...
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