3. 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.
5. 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.
8. 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!
