Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT RATES :: empanelment :: VAT Audit :: cpt
 
 
« Budget Extravaganza »
 How presenting the Budget early seems to be paying off already
 Budget advancement helps Centre, states start spending early
 Five things that you can expect from the Mumbai civic budget today
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow
 Budget today, but GST kills the tax suspense
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes

Big words in the budget speech
February, 08th 2010

The finance ministers budget speech may be ridden with jargon, but its core is no different from that of a household budget. ET is publishing a 10-part series to help readers make sense of all the big words in the budget speech and the bulky documents that come with it. The glossary is arranged in a particular order to ensure that no unexplained word jumps out suddenly.

ANNUAL FINANCIAL STATEMENT

This is the last word on the governments receipts and expenditure for the financial year, presented to Parliament. This is actually the annual budget, as stated in the Constitution. Divided into three parts Consolidated Fund, Contingency Fund and Public Account it has a statement of receipts and expenditure of each. Expenditure from the Consolidated Fund and Contingency Fund requires the nod of Parliament.

CONSOLIDATED FUND

The governments lifeline. It contains all revenues, money borrowed and receipts from loans it has given. All government expenditure is made from this fund.

CONTINGENCY FUND

As the name suggests, any urgent or unforeseen expenditure is met from this Rs 500 crore fund, which is at the disposal of the President. The amount withdrawn is returned from the Consolidated Fund.

PUBLIC ACCOUNT

When it comes to this account, the government is nothing more than a banker, as this is a collection of money belonging to others such as public provident fund.

REVENUE VS CAPITAL

The budget has to distinguish all receipts/expenditure on revenue account from other expenditure. So all receipts in, say, the consolidated fund, are split into Revenue Budget (revenue account) and Capital Budget (capital account), which include non-revenue receipts and expenditure.

REVENUE RECEIPT/EXPENDITURE

All receipts like taxes and expenditure like salaries, subsidies and interest payments that do not entail sale or creation of assets fall under the revenue account.

CAPITAL RECEIPT/EXPENDITURE

Capital account shows all receipts from liquidating (eg. selling shares in a public sector company) of assets and spending to create assets (lending to receive interest).

REVENUE/CAPITAL BUDGET

The government has to prepare a Revenue Budget (detailing revenue receipts and revenue expenditure) and a Capital Budget (capital receipts and capital expenditure).

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions