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Sonia hints at more concessions for farmers

Farmers who have not benefited from Budget loan waiver will be considered.

• Chidu pleased with himself over farmers loan waiver

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• Sonia hints at more concessions for farmers
• Chidu pleased with himself over farmers loan waiver

Keywords: union budget 2008, specials

Income Tax: The tax levied on income made by individuals. Income tax is normally zero on some bands of small incomes, both on equity grounds and because of the expense of collecting tiny amounts of tax. It is normally proportional up to some upper limit; income beyond this is taxed at higher rates.

Inflation: A persistent tendency in the economy when prices and money wages are on the rise. Inflation is measured by the proportional changes over time in some appropriate index, commonly a consumer price index, or a GDP deflator.

Indirect Taxes: Imposed on goods manufactured, imported or exported such as Excise Duties and Custom Duties.

MODVAT: Modified Value Added Tax is a way of lending some relief to the final manufacturers of goods on excise duties borne by their suppliers.

Merchandise Account: The part of balance-of-payments accounts referring to visible trade or merchandise imports and exports.

Non-Plan Expenditure: This consists of Revenue and Capital Expenditure on interest payments, defence expenditure, subsidies, postal deficit, police, pensions, economic services, loans to public sector enterprises and loans as well as grants to state governments, UTs and foreign governments.

Peak Rate: It is the highest rate of custom duty applicable on an item.

Performance Budget: This is a compilation of programmes and activities of different ministries and departments.

Public Account: An account where money received through transactions not related to the consolidated fund is kept.

Plan Expenditure: This consists of both Revenue Expenditure and Capital Expenditure of the Centre on the Central Plan, central assistance to states and UTs.

Purchasing power parity (PPP): The rates of currency conversion which equalise the purchasing power of different currencies. This means that a given sum of money, when converted into different currencies at the PPP rates, will buy the same basket of goods and services in all countries.

Reserve money: A term which refers to money supplied by the RBI and the Centre. This indicates monetary liability of the RBI and the Government of India to the public, including banks. The reserve money, or currency notes and coins, is held by public and banks in their currency chests and as deposits with RBI. It also includes "other" deposits with RBI.

Revenue Deficit: The difference between Revenue Expenditure and Revenue Receipts.

Revenue Surplus: It is the excess of Revenue Receipts over Revenue Expenditure.

Revised Estimates: Usually tabled in the following Budget, it is the difference between the Budget Estimates and the actual figures.

Revenue Budget: Consists of Revenue Receipts and Revenue Expenditure of the government.

Revenue Receipt: Consists of duties imposed by the Centre, interest and dividend on investments made by the government.

Revenue Expenditure: Expenditure incurred for the normal functioning of the government departments and various other services such as interest charges on debt incurred by the government.

Subsidies: Financial aid provided by the Centre to individuals or a group of individuals to be competitive. The grant of subsidies is also aimed at improving their skills of those who benefit from the subsidies.

Term Deposits: Deposits with a fixed maturity of not less than 15 days, including cash certificates, and cumulative or recurring deposits but excluding the interest accrued and payable on these deposits.

Value Added Tax: Based on the difference between the value of the output over the value of the inputs used.

Wholesale Price Index: The prices of goods, which are dealt with wholesale, mainly bulk goods that are mostly inputs to production rather than finished commodities. A wholesale price index, for example, includes wheat and sheets of steel, whereas a retail price index includes bread and cars.