ng to Article 112 of theIndian Constitution, the Union Budgetof a year, also referred to as the annual financial statement, is a statementof the estimated receipts and expenditure of the government for that particularyear.Description: Union Budget keepsthe account of the government’s finances for the fiscal year that runs from 1stApril to 31st March. Union Budget is classified into Revenue Budget and CapitalBudget.IMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2017-181.
Demonetisation is expected to have a great impact on the economy and It willhave a great impact on the economy and lives of people .2.A sum of Rs. 10 lakh crores is allocated as credit to farmers, with 60 daysinterest waiver.3.The government targets to bring 1 crore households out of poverty by 2019.4.
A sum of Rs. 1,84,632 crore allocatedfor women and children.5.A total allocation of Rs. 39,61,354 crores has been made for infrastructure.
6.Rs. 1.26,000 crores received as energy production based investments.
7.The defence sector gets an allocation of Rs. 2.
74,114 crores.àTheseallocations are really important because these issues were to be addressed reallyfat because mainly the defence sector require money and improvement so that wasaddressed and the issue regarding poverty is also to be addressed really veryfast as the poor are becoming poor .IMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2016-171.
Excise duty raised from 10 to 15 per cent on tobacco products other than beedis2.Rs 1,000 crore allocated for new EPF (Employees’ Provident Fund) scheme3.Swacch Bharat Abhiyan was allocated Rs.9,500 crores.4.
Senior citizens will get additional healthcare cover of Rs 30,000 under the newscheme5.Scheme to get Rs.500 crores for promoting entrepreneurship among SC/STIMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2015-161.Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.2.
Sixcrore toilets across the country under the Swachh Bharat Abhiyan.3.Develpomentschemes for churches and convents in old Goa; Hampi, Elephanta caves, Forestsof Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs atHyderabad to be under the new toursim scheme.4.Housingfor all by 2020.5.
Upgradation80,000 secondary schools.IMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2014-151.Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for seniorcitizens to Rs 3 lakh1.5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan and 5 more IITsin Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.2.Govt proposes to launch ‘Digital India’ programme to ensure broad bandconnectivity at village level3.
BetiBachao, Beti Padhao Yojana to generate awareness and help in improving theefficiency of delivery of welfare services meant for womenIMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2013-141.Pass the National Food Security Bill, whichaims to provide 5 or 7kgs. food grains (the amount not yet finalized) monthlyper poor person with rice at Rs.3/- per kg, wheat at Rs.2/- per kg & Re.1/-per kg.
2. Black money accountability plan: It isexpected that a Govt. plan will be introduced in the budget to make black moneyaccountable.IMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2012-131.Taxreforms: Direct Taxes Code (DTC) at earliest; GST network to be operational byAugust 2012; Central Excise and Service Tax being harmonized. A GeneralAnti-Avoidance Rule (GAAR) to be introduced to counter aggressive taxavoidance.2.
Defenceservices get Rs. 1,93,407 crore; any further requirement to be met. IMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2011-121.Citizens over 80 years to have exemptionlimit of Rs 5 lakh.2.To reduce surcharge on domestic companies to5 percent from 7.
5 percent.3. Iron ore export duty raised to 20percentIMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2010-111.Allocation for new and renewable energysector increased 61 percent from Rs.620 crore to Rs.1,000 crore in 2010—112. Rs.147,344 crore allocated for defenceIMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2009-101.
Commodity Transaction Tax abolished2. For Indira Awas Yojana,allocation increased 63%IMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2008-091. Changes in I-T slab. Threshold of exemptionfor all Income Tax assesses raised from from Rs 1,10,000 to Rs 1,50,000.2.
Every income tax assessees to get relief of minimum of Rs 4,000.IMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2005-081.E-governance allocation to be increased fromRs.395 to Rs.719 crore.
2.VAT revenues increased by 24.3 per cent in thefirst nine months of 2006-07.3.
In 2006-07 goods and service tax was proposed4.12 crore children now covered; allocation to be enhanced from Rs.3,010 crore toRs.4,813 crore.-mid day meals scheme5 Incomebetween Rs 1-1.5 lakh to be taxed at 10%6. Rs 1.
5-2.5 lakh income to be taxed at 20%7.Income above Rs 2.5 lakh to be taxed at 30%8. Exemption level for women at Rs 1.25 lakh9. Exemption level for senior citizens at Rs 1.5lakhIMPORTANT ASPECTS OF UNIONBUDGET OF THE YEAR 2002-051.
70 lakh more new lines proposed from MTNL and BSNL 2. New insurance scheme for underprivileged 3. NRIs will be free to repatriate in foreign currency 4. Plan outlay for women and children increased by 33 pc toRs 2,200 crores5. Telecom allocated Rs 19,463 crores6. Rs 866 crores allocated for tribal affairs