- India,
- 26-Jan-2025 01:00 PM IST
Union Budget 2025: The upcoming Union Budget 2025 is eagerly awaited in the country. The expectations of the common people are attached to this budget to be presented in Parliament by Finance Minister Nirmala Sitharaman on February 1. The announcements made in the budget affect everyone, be it a job holder, a businessman, or a common citizen. At this time, the eyes of the common people are on what kind of relief and decisions the Finance Minister will give them, which can improve their everyday life.As the time of the budget approaches, many such words and terms come to the fore, which common people are not able to understand easily. In this article, we will tell you about some such terms of the budget, which will make it easier to understand the budget speech. Along with this, we will also share some interesting facts, which make the process and history of the Indian budget interesting.5 interesting facts about the budgetFirst Budget: India's first budget was presented by RK Shanmukham Chetty in 1947, which was an interim budget. This budget was till March 31, 1948 to deal with the economic adverse conditions of the country.Longest Budget Speech: Union Finance Minister Nirmala Sitharaman holds the record for the longest budget speech. She gave a budget speech of 2.42 hours in 2020.Halwa Ceremony: It is a traditional ceremony in which officials and employees of the Finance Ministry who are involved in preparing the budget are served halwa (Indian dessert). This is an old tradition, which is still followed today.Budget Printing Leak: In 1950, the Union Budget was leaked during printing during the time of Finance Minister John Mathai. After this, the budget printing was shifted from Rashtrapati Bhavan to Minto Road for security reasons.Use of Hindi and English in the Budget: Till 1955, the Union Budget was presented only in English. Then Finance Minister CD Deshmukh started the tradition of presenting it in both Hindi and English languages from 1955-56.15 Budget Terms That Are Important for You to UnderstandBudget Estimates (BE): This is the amount of money allocated to a specific ministry. It is an estimate of the expenditure of that ministry.Capital Expenditure (Capex): This is the amount of money that the government spends to boost the economy.Cess: This is an additional charge in addition to tax, which is levied for special purposes, such as education or health care.Direct Tax: This tax is levied on income and companies, such as income tax and corporate tax.Disinvestment: This is a process in which the government sells its assets to raise funds.Economic Survey: This document highlights the financial performance of the government and provides guidelines for the upcoming budget.Fiscal Deficit: It is the difference between the total income and expenditure of a country, which reflects the fiscal situation.Fiscal Policy: It is the policy of government expenditure and tax determination, which is made to improve the economic condition of the country.Indirect Tax: This tax is imposed on goods and services, such as GST and customs duty.Inflation: Inflation means increase in the prices of goods and services. It puts pressure on the economy.New Tax Regime: It is a 7 tax slab system, in which tax deductions have been abolished and tax rates have been reduced.Old Tax Regime: It has four tax slabs, in which 30% tax is levied on income above Rs 10 lakh.Rebate: It is a tax exemption given to the taxpayer, which reduces their taxable income.Tax Collected at Source (TCS): This tax is collected by the seller from the buyer on the sale of goods or services.Tax Deduction: This is a deduction that reduces the taxable income of an individual or company and reduces the tax burden.Conclusion: The Union Budget is crucial for determining the economic future of the country. It is important for citizens to understand every aspect of it and analyse it properly so that they can understand what new gifts the budget can bring for them. This article introduces you to the words and terms that are used during the budget speech, and makes your understanding easier.