India Budget Terminologies: Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1. This will be her eighth budget presentation. The article lists key budget terms and their definitions, helping readers understand the components like fiscal deficit, revenue expenditure, direct taxes, etc. It serves as a guide for grasping budget-related concepts.

India's Union Budget, a meticulously planned financial statement, accounts for revenues and expenditures while addressing the nation's diverse needs. It considers past events, future requirements, and stakeholder input, impacting millions across various socioeconomic backgrounds. The budget aims to ensure public welfare and economic growth through prudent forecasting, resource allocation, and efficient fund utilization.

Government deficits signal financial challenges. A fiscal deficit happens when spending surpasses revenue. Revenue deficit arises when regular income can't cover daily expenses. Primary deficit excludes interest payments from fiscal deficit. Governments can address deficits by cutting spending and raising revenue. Understanding deficits is crucial for economic stability.

India Budget 2025: India's fiscal deficit reached 46.5% of its budget estimates in the first seven months of FY2025, amounting to Rs 7.51 lakh crore. While direct tax collections showed robust growth, capital expenditure lagged behind at 42% of the target. FY24's fiscal deficit was lower than projected, with net tax receipts exceeding targets and total expenditure slightly below.

Budget: There is a reason why people demand standard deduction before every Budget. If you are a businessperson, you can bring down your taxable income by deducting all provable business-related expenses. Some people push the limits with these deductions, including expenses that may not directly relate to their business. Salaried people have fewer tax-free allowances compared to business owners.