Budget 2024

Budget 2024 Highlights: Custom duty on gold, mobile phones reduced; income tax structure revised - Check Details

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Income Tax Budget 2024 Highlights: Sitharaman raises standard deduction limit; introduces 3 tax slabs; increases capital gain tax

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Budget FAQ's

What is Fiscal Deficit?
Fiscal deficit is nothing but the difference between total revenue and total expenditure of the government. It indicates the total borrowings needed by the government. While calculating the total revenue, borrowings are not included. Simply put, every time the government borrows money for spending beyond its earning, it is covering up the shortfall in the income compared with its spending. This shortfall or gap between the two is called the fiscal deficit. It can occur due to a major rise in the capital expenditure required for creating long term assets or providing financial assistance to poor farmers, labourers and other vulnerable sections of the society. The government finances these deficits by borrowing money from the capital markets. They can do this by issuing bonds or from the central bank.
What is Section 80C of the Income Tax Act ?
Section 80C of the Income Tax Act is one of the most popular avenues for the common man to save money in the form of income tax outgo. Income tax experts say 80C is an important tool in the hands of the taxpayer as it helps in inculcating savings as well as in saving taxes. Section 80C provides deductions on investments or expenditure worth up to Rs 1.5 lakh in a year from taxable income. In other words, it enables the income tax assessee to claim deduction in taxable income on the money spent on certain types of financial products.
What is Fiscal Policy?
The government uses spending and tax policies to control economic conditions and achieve sustainable growth under Fiscal Policy. A healthy fiscal policy is significant to control inflation and increase employment while maintaining the value of money. It plays a crucial role in managing the economy.
What is Direct Tax?
As the name suggests direct tax is levied on taxpayers directly. Income tax, wealth tax, and corporate tax are some subcategories of direct tax. Direct taxes in India are overseen by the Central Board of Direct Taxes (CBDT).
What is Current Account Deficit?
Current Account deficit (CAD) is the difference between the export and import of a country. It calculates the difference between the money received and sent from a country on the trade of goods and services as well as the movement of capital from domestic production factors abroad.

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