Budget 2024: 6 Important Terms You Should Understand

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-2025 on July 23.

Annual Financial Statement predicts government income and expenses for the next financial year

Budget Estimates allocate funds to ministries and departments, detailing planned expenditures in the Budget speech.

Current Account Deficit (CAD) arises when a country's import spending exceeds its export earnings.
 

Minimum Alternate Tax (MAT) ensures companies pay a minimum corporate tax, despite exemptions and subsidies.
 

The Outcome Budget tracks funds used by ministries, updates on government schemes, and ensures funds are used appropriately.