Finance Minister Nirmala Sitharaman is set to unveil the Union Budget for the fiscal year 2022-23 in February.
While all eyes will be on Budget 2022, it is imperative for people to know the key terms associated with the annual exercise.
Read more: Budget 2022 | What is Corporate Tax?
Here’s a lowdown on two of the important terms to help understand the Budget.
Contingency fund
Any urgent expenses are met by the contingency fund. This fund is released by the President under Article 267. The money taken from these funds is later received through a consolidated fund.
Consolidated Fund
The amount received by the government through direct and indirect taxes or through borrowing or receiving of loans come under Consolidated funds. Article 266 (1) describes all government expenditures are to be met by consolidated funds except a few made by contingency fund or public fund. In the financial year 2018-19 the sum of one lakh ninety-eight thousand eight hundred thirty-one crore and thirty-six lakh rupees (Rs 198831,36,00,000) was asked as the consolidated fund.
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