The Budget contains estimates of government's accounts for next fiscal year called Budgeted Estimates.Union Budget is most comprehensive report of government's finances in which revenues from all sources and outlays for all activities are consolidated.
The Budget also contains estimates of government's accounts for next fiscal year called Budgeted Estimates.
The interim budget is scheduled to be presented on February 1, 2019, by government in Parliament.
Interim budget contains key details such as where money comes from and where it is spent, as well as projections of growth and fiscal position.Capital Budget: The capital budget consists of capital receipts and payments.
It includes investments in shares, loans and advances granted by central government to state governments, government companies, corporations and other parties.Vote on account: The Vote on Account is a grant made in advance by parliament, in respect of estimated expenditure for a part of new financial year, pending completion of procedure relating to voting on Demand for Grants and passing of Appropriation Act.Direct and Indirect Taxes: Direct taxes are one that fall directly on individuals and corporations.
For example, income tax, corporate tax etc.
Indirect taxes are imposed on goods and services.
They are paid by consumers when they buy goods and services.
These include excise duty, customs duty etc.Revenue Budget: Revenue Budget consists of revenue receipts of government and its expenditure.
Revenue receipts are divided into tax and non-tax revenue.
Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that government levies.
The non-tax revenue sources include interest on loans, dividends on investments.Outcome Budget: From fiscal year 2006-07, every Ministry presents a preliminary outcome budget to ministry of finance, which is responsible for compiling them.
The outcome budget is a progress card on what various Ministries and Departments have done with outlays in previous annual budget.
It measures development outcomes of all government programs and whether money has been spent for purpose it was sanctioned including outcome of fund usage.