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Budget Articles

Changes to Residential Status of Individuals as per Finance Act, 2020

Citizen or person of Indian origin(PIO) who, being outside India, comes on a visit to India and has total income, other than the income from foreign sources, exceeding 15 lakh rupees during the previous year, the second condition of residence would apply with 120 days instead of 182 days.

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FAQ on Union Budget 2020-2021

What is a Union budget?

A Union Budget is an annual report prepared by the Government, whereby it lays down the plan for government's revenue and expenditures.

What is an Interim Budget?

At the end of the 5-year term of the ruling party when the central elections will be held, a budget is presented by the operating Government for the period applicable till the new government takes over. Since this budget is prepared for a short duration and it will be followed by a fresh new budget by the party who forms the government after the elections, it is called the Interim budget.

Who prepares the budget?

The Budget is prepared by Budget Division, The Department of Economic Affairs, and the Ministry of Finance.

Why is Budget so important?

In Budget, the Government proposes various changes in the tax rates, rebates, grants etc. These changes have a direct impact on an individual.

What are pre-budget expectations?

Before the budget is announced, various autonomous bodies, economists, industrialists etc. who represent the industry, trade, and commerce share the mass problems and solutions in the form of pre-budget expectations.

When is the Budget announced?

The Budget is prepared annually. It is for a period starting from 1st April to 31st March. The Budget is usually announced in the first week of February.

Who presents the Budget?

The Budget is usually presented by the Finance Minister of India.

What is a pre memorandum Budget?

A Pre memorandum Budget is a detailed document where the expectations from the budget are precisely mentioned.

What is a rail Budget?

A Rail Budget is the projected revenue and expenditures pertaining to railways only. Earlier, it was presented separately, but Mr Arun Jaitley had changed this practice and now the Rail Budget is presented along with the Union Budget.

Who announces the rail Budget?

The Rail Budget is announced by the Finance Minister of India.

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