Deficit

Tax Glossary Definition

Deficit

Deficit – A deficit occurs when total expenses exceed total income, or when liabilities outweigh assets over a given period. It signifies a financial shortfall, indicating that an entity—whether a government, business, or individual—is spending beyond its means.

Example: If a government’s annual expenditure amounts to ₹10 lakh while its revenue is only ₹8 lakh, it records a budget deficit of ₹2 lakh.

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