anitesh Union budget.docx

7/24/2019 anitesh Union budget.docx

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INTRODUCTION

According to constitution of India, there is three-tier system of government,namely central government, state government and local government (like

municipal corporation, municipal committee, zila parishad etc). accordingly,

these governments prepare their own respective budgets are called union

budget.

nion budget is a complete display of the central governments finances.

!he finance minister of India puts down a report that contains government of

India"s revenue and e#penditure for one fiscal year. !he fiscal year runs from $ st

April to %$stmarch. &inance minister presents the annual union budget in the

parliament on the last working day of &ebruary. !he budget has to be passed by

the lok 'abha before it can come into effect on $stApril.

!he union budget is based on the economic survey, which comes before

union budget, outlines the broad direction of the fiscal condition on the

economy. !he budget is the most e#tensive account of the government"s

finances, in which item wise details of the government receipts and e#penditure

for three consecutive years, i.e. actual for the preceding year. evised items for

the current year and budget estimates for the coming year. &or instance, union

budget for the financial year *$$-$ as presented in the parliament reflects this

approach.

It contains details of government receipts and e#penditure under the

following four heads+

a) actual for the year *$*-$$

b) budget estimates for the year *$$-$c) revised estimates for the year *$$-$

d) budget estimates for the year *$-$%

!he budget is divided into revenue and capital budget. !he revenue budget

consists of revenue receipts and e#penditure met from these revenues. the


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revenue receipts comprise booth ta#, e#cise duty and non-ta# revenue like

interest receipts, profits

apital budget includes capital receipts like borrowing disinvestment and long

term capital e#penditure. capital receipts are receipts of the government e.g.,

market borrowing, recovery of loan, etc. apital e#penditure is the e#penditure

of the government which either creates assets or reduces liability. apital budget

is an account of assets and liabilities of the government which takes into

consideration changes in capital.

#penditure and receipts of the union government are maintained by the

pay and accounts offices (A/) attached to the all minister"s departments of

government of India. !he controller general of accounts compiled the accounts

received from the pay and account offices.

!he controller general of accounts compiles the accounts received from

the pay and accounts offices.the accounts of railways ,p and t and defense also

form part of the union government.

UNION BUDGET

!he nion 0udget of India, also referred to as the Annual financial statement in

the Article $$ of the onstitution of India, it is the annual budget of the

epublic of India. It is presented each year on the last working day of &ebruary

by the &inance 1inister of India in arliament.

!he first union budget of independent India was presented by .2.

shanmukham chetty on 3ovember 4,$567.

TIME OF BUDGET ANNOUNCEMENT

ntil the year $555, the union budget was announced at 8+** pm on last

working day of the month of &ebruary. !his practice was inherited from the

colonial ra, when the 0ritish parliament would pass the budget in the noon

followed by India in the evening of the day.it was 1r. 9ashwant 'inha, the then


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finance minister of India in the 3:A government of Atal 0ihari ;a in which halwa is prepared

in large ?uantity and seved to officers.

!his ceremony is performed as a part of the indian tradition of having

something sweet before starting an important work.

ANALYSIS OF BUDGET

!a#ation

Agriculture

Infrastructure

ducation

:efence

@elfare schemes

enewable energy

!ourism

old

&inancial sector

TAXATION

abolition of wealth ta#

rate of corporate ta# to be reduced to 8Bover ne#t four years

no change in ta# slabs.

'ervice ta# increased to $6B

AGRICULTURE

s.8*** crore for rural infrastructure development bank

s.8%** crore to support micro irrigation programme. farmers credit target of C.8 lakh crore.


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INFRASTRUCTURE

s.7**** crores to infrastructure sector.

ta# free bonds for pro


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forward markets commission to be merged with the securities and

e#change board of India.

UNION BUDGET 2015-16: GREAT EXPECTATIONS


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1D3: /DD /& /11

AA:1I 9A

(*$8-$4)

A3I!'E ''E '/3A@A3

/DD 3/. $8$*787

0./1 (0A32I3 A3: I3'A3)

!.9. 00I '1 -;I

3I/3 0:!


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/&.AF'EI :'EA3:

OBJECTIVES

!o study and analyse union budget for current year *$8-$4

!o understand how much funds are allocated by government to various

sectors

!o analyse revenue and e#penditure of central government

!o know what are the governments future pro


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INDEX

SRNO

TOPIC PAGE NO

$. I3!/:!I/3 $

. 3I/3 0:!

%. !I1 /& 0:! A33/313!

6. EAD@A 1/39 %

8. A3AD9'I' /& 0:! *$8-$4 6

anitesh Union budget.docx

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