InvestorQ : What is the Union Budget?
Aishwarya Nimbalkar made post

What is the Union Budget?

Answer
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1 year ago


Budget serves two purposes. It firstly gives an idea of how the country has performed in the year before on the financial front and basis the plan presented in the earlier budget. It is also the plan for the annual income and expenditure for the government in the coming year.

Income for the government is mostly in the form of taxes levied on people, manufacturing companies and their goods and the service industry. The expenses are planned basis the expected income the government is hoping to generate from the tax and other revenue sources. Allocations are usually made under this.


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Rishita Das answered.
1 year ago


Union Budget or simply the Budget is a detailed plan of finances that the Indian Finance Ministry created for the upcoming finance year. It is a comprehensive financial statement that displays how the government plans to use its public resources to achieve its various policy goals. It is similar to budgets created by lay man like you and me, with the only difference being its scale.

It is through the Union Budget that the central government plans its finances for a given financial year- April 1 to March 31. This budget document contains details on every front- revenue, debt, surplus, deficit, etc.

Presentation of the Union Budget is one of the most important events in the world of Indian finance. It has always been given a lot of importance. This is because it is through the budget speech that various ministries and industries get their budget allocations or the amount they will receive from the Centre for the entire year.

Closer home, it is through the Budget that we know whether there is any change in the tax slab or any revision in limits for Section 80C- the section that allows an individual to lower his/her taxable income.


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Purvesh answered.
1 year ago


This budget, which will be an interim budget and is crucial for the government. This budget offers one last opportunity to announce some popular measures ahead of the elections.