Interim Budget 2019: Unlike a full-year budget, an interim budget covers a smaller period of timeFinance Minister Arun Jaitley will present Budget 2019 on February 1.
That would be an interim budget.
An interim budget, just like a full-year budget, is an annual financial statement of a government's finances.
It contains key details such as where money comes from (revenue) and where it is spent (expenditure), as well as projections of growth and fiscal position.
Unlike a full-year budget, an interim budget covers a smaller period of time, usually few months.( Five economic challenges faced by government for Interim Budget 2019)Who creates interim budgetAn interim budget is created by an incumbent government before election.
This year, general election - to elect a central government - is due by May, thus an interim budget.What does it containAn interim budget, similar to a full-year budget, includes details of government's finances in past year, as well as estimates of its expenditure in coming months till election.What are key components of interim budgetOther than Budget speech, set of documents submitted in Parliament include annual financial statement, demand for grants, finance bill, macroeconomic framework, medium term fiscal policy, and expenditure and receipts (revenue) budgets.Who presented last interim budgetThe last interim budget was presented on February 17, 2014 by then finance minister P Chidambaram.(Can you expect income tax changes in Budget Here's what experts say)What is time gap between Interim Budget and BudgetAn interim budget is followed by another budget by new government.
For example, interim budget in February 2014 was followed by a full-year budget on July 10, 2014.