Expense Account

The expense account is the record of the government‘s expenses. There are two kind of expenditures; revenue expenditure and capital expenditure.

Union Budget Series: Bridging the deficit

The fiscal deficit is a measure of the government‘s annual borrowing. The government borrows because its expenses, like those of a household, often exceed income. It raises loans from the market; issues treasury bills and borrows from small savers.

Union Budget Series: Finance ministers and their Budget speeches

Finance in their Budget speeches have often quoted poets, saints, economists and litterateurs to buttress a given political social and economic context.

Union Budget Series: Key takeaway from economic survey

Finance Minister Arun Jaitley presented the economic survey, authored by the chief economic adviser, on Tuesday January 31, 2017. It is an official report on the economy and sets the tone for the Union Budget.

Union Budget Series: Key terms in the Budget

Financial year and assessment year. Financial year (FY) runs from April 1 to March 31 of the next year; assessment year (AY) is the year following the FY. Tax on income earned in an FY is paid during the AY.

Union Budget Series: Parliamentary process

It all begins with the finance minister‘s speech in the Lok Sabha. The Budget is then tabled in parliament. Discussions on the economy and broad Budget measures take place without voting. The parliament then breaks for a three-week recess. Parliamentary Standing Committees give reports on ministries‘ estimates or demands for grants.

Union Budget Series: Making of Budget

The exercise to make the Budget is a long-drawn one. It juggles political pressures, economy‘s priorities and utmost secrecy. Budget work begins in August with a circular to ministries and departments. They reply with details of funds they need.