The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget. When the revenues are equal to or greater than the expenses, then it is called a balanced budget. You can read about the Highlights of the Union Budget 2021-22 for UPSC in the given link.
When the Government revenue exceeds the expenses then it is known as surplus budget and when the Government revenue is less than the expenses then it is known as the deficit budget.
- Taxation System in India – Types, GST, VAT, Objectives, Limitation, Laffer Curve
- Double Taxation Avoidance Agreement (DTAA) – Countries Involved, Income Tax Provisions