Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on February 1, 2024. Since this is an election year, it is going to be an interim budget – a temporary financial plan covering the government expenditures until a new government takes over. A full-fledged Budget will be presented after the formation of the new government following the 2024 Lok Sabha elections. A full-year Budget serves as a roadmap, directing the nation’s economic course for a complete fiscal year, while the Interim Budget presents the financial details for the transitional period.

WHAT IS ECONOMIC SURVEY?

A flagship document summarizing the state of the economy, setting the stage for the budget of the upcoming financial year.

WHAT IS FINANCIAL OVERVIEW?

A document used to introduce policies for levying new taxes, making alterations in the tax structure, or continuing with the existing tax structure.

WHAT IS CORPORATE TAX?

The tax paid by corporations or firms on the income they earn.

WHAT IS DISINVESTMENT?

The sale of shares of public sector undertakings by the Government. If these shares are sold to get cash, earning assets are converted into cash. This process is referred to as disinvestment.

GDP EXPLAINED

The added value of output from all productive sectors in the economy, as measured by the Central Statistics Office.

FISCAL DEFICIT

Total additional borrowings made by the government each year to bridge the gap between its income and expenditure.

DIRECT AND INDIRECT TAXES DIFFERENTIATED

Direct taxes fall directly on individuals and corporations (e.g., income tax, corporate tax). Indirect taxes are imposed on goods and services, paid by consumers when buying goods and services (e.g., excise duty, customs duty).