Bloomberg UTVpresents

Budget-opedia

What does the annual Union Budget mean?

The annual Union Budget is the Finance Minister’s report on what the Government of

India has done with the country’s money over the past year and what is expected in

the coming year.

Who decides the budget?

The Finance Minister presents the final Budget,

after it is worked on by the Ministry of Finance. The Budget is presented

to the Lok Sabha on the last working day

of February. It has then to be

discussed and passed by the house before coming into effect

on April 1st.

How does the

Union Budget affect

my life?

The Union Budget not only talks about

what has happened in the past year, but also what is likely to happen

in the coming year. While many of the things discussed in

the Budget affect us indirectly, one space that directly impacts us

is Taxation! The Tax Slabs & Norms

are often tweaked or changed completely in the Budget,

which means that the amount of tax you pay could increase or decrease!