Bloomberg UTV presents Budget-opedia
Bloomberg UTV presents Budget-opedia
Dec 14, 2014
As a part of Bloomberg UTV's Financial Literacy drive, Bloomberg UTV brings to you Budget-opedia, making the Union Budget easy to understand
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Transcript
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!
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