What is Budget? What are the main components of income and expenditure in the budget of Indian Govt?
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A budget is a financial plan for a defined period of time ,usually a year. It may also include planned sales.volumes and revenues, resource quantities,costs, expenses,assets, liabilities and cash flows.
The budget of Indian government is divided into two parts:-
(1)Revenue budget ,and
(2)Capital budget.
The revenue budget comprises revenue receipts and expenditure made from these revenues. The revenue receipts include both tax revenue like income tax, excise duty and non tax revenue.
Capital budget consists of capital receipts like borrowing, disinvestment and long period capital in expenditure like creation of assets and Investments.
The budget of Indian government is divided into two parts:-
(1)Revenue budget ,and
(2)Capital budget.
The revenue budget comprises revenue receipts and expenditure made from these revenues. The revenue receipts include both tax revenue like income tax, excise duty and non tax revenue.
Capital budget consists of capital receipts like borrowing, disinvestment and long period capital in expenditure like creation of assets and Investments.
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