TomorrowMakers ™

10 Budget Terms To Know If You Use Social Media

31 January 2017
With budget 2017-18 around the corner. Here are some terms you dont want to miss out on!
 
 

Hate it when your newsfeed is flooded with stuff about the #UnionBudgetOfIndia because you don’t know what to make of it? Here are some quick terms to help you ride through the big trend that’s all set to explode this week.

#UnionBudget:
Actual revenue vs estimated revenue for last financial year and estimated revenue for the financial year ahead, including sector-wise allocation of funds.
Depending on how funds are allocated, you can expect that sector to see more jobs.

#DirectTax:

Tax paid by you and companies on income as well as profit on assets such as real estate directly to the Government.

When direct tax goes up, the money you are left with goes down!

#TAN:
A 10 digit account number for all individuals and companies who need to deduct tax before making business-related payments.
A term you ought to know if you are planning to start your business.

#IndirectTax:
Tax borne by you on goods and services but paid by businesses who sell to you.
When indirect tax goes up, things got more expensive!

#ValueAddedTax:
Indirect tax charged differently, depending on product/service type and region at each level of the production process. 
Makes your favourite stuff cheaper for friends in other states and vice-versa.  

#GoodsAndServicesTax:
Indirect tax that is set to become the single, uniform indirect tax across India, resulting in a more transparent tax structure.
Has potential to increase revenue from indirect tax and reduce tax burden on your income.

#Cess:
Additional tax to meet a specific expense need. For eg. The Swachh Bharat Cess
Increased or new cess make you feel the pinch every time you spend.

#Surcharge:
Additional tax that’s payable by individuals and companies with high incomes.
Increases your tax liabilities further if your income slab gets included or rates go up.

#EEE:
The three Es stand for Exempt, Exempt, Exempt in terms of investment made, interest earned and withdrawal or total returns.
Tells you which investment avenues will get you maximum tax benefit.

#ITR:
Is Income Tax Returns that you file as an individual at the end of the financial year to avail of refunds if any.

Can get you a notice from the IT Department in case you default on submission timeline, which is July 31 for individuals and September 30 for companies.

 
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