‘Know Your Budget’ better with Finance Ministry’s Twitter series

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New Delhi | Published: January 15, 2019 8:32:35 PM

The final Budget for the next fiscal would be presented by the new government.

Know Your Budget, budget 2019, budget news, finance ministry, final Budget, union budgetThe series which began on the ministry’s Twitter handle on Tuesday explained what is Union Budget and Vote on Account.

Seeking to educate general public about the budgetary process, the finance ministry Tuesday started a series on Twitter providing definitions of various terms used in the budget. The ‘Know Your Budget’ series, which explains the importance of Union Budget and its making, would continue for about a fortnight. The government on February 1 would unveil the interim Budget for 2019-20 as the general elections are due in the next couple of months. The final Budget for the next fiscal would be presented by the new government.

The series which began on the ministry’s Twitter handle on Tuesday explained what is Union Budget and Vote on Account. The Budget, the ministry explains, “is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated.

Also read| 3 expectations of agri and food-tech startups from this year’s budget

“The Budget also contains estimates of the government’s accounts for the next fiscal year called Budget estimates”. Explaining Vote on Account, the ministry said it is a grant made in advance by Parliament for expenditure for a part of the next financial year.

Do you know What is Finance Bill, Short Term Capital Gains Tax, Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

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