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Credit : Google
On July 23, Finance Minister Nirmala Sitharaman will present the budget for the financial year 2024-25 in Parliament.
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Everyone is curious about the budget, but there are many words in the budget which are not easy to understand.
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GDP: The total market value of all types of products and services created within a year is called GDP.
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Finance Bill: A bill presented in the Parliament to make changes in tax related proposals, maintain the existing tax structure, or impose new taxes is called Finance Bill.
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The difference between the total expenditure of a government and the total income of the government is called fiscal deficit. In simple language, it shows the decrease in the income of the government compared to its total expenditure.
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Such taxes are collected directly from the citizens. This includes tax on business income, tax on income from shares and other properties and wealth tax.
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Such taxes are collected from citizens not directly but indirectly. These include excise tax and custom duty.
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Income Tax: It is collected from your income. There are two regimes in this. Also, tax is collected at different rates depending on the income slab.
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Credit : Google