Discuss Budget 2009!!!

Hello people

Now will discuss of budget things, so what will be going to happen this year budget, from this recession we can get any relif from the Taxes and many more, pls discuss people what is your opinions.........................

 OPINION KA KYA KAROGE -------HOGA TO VAHI ---JO PM CAHENGE

 HUM  LOG TO BUDGET KE BAD RO PEET LANGEY

I believe

The threshold limits of Income Tax for Individuals as well as Corporates will be raised.

Mr. shailesh agarwal, kya sir kuch to gyan batiye hamare saath ???

On the Budget day, the finance minister tables 10-12 documents. Of these, the main and most important document is the Annual Financial Statement.

Annual Financial Statement

Article 112 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year — April 1 to March 31. This statement is the annual financial statement.

The annual financial statement is usually a white 10-page document. It is divided into three parts, consolidated fund, contingency fund and public account. For each of these funds, the government has to present a statement of receipts and expenditure.

Consolidated Fund:

This is the most important of all government funds. All revenues raised by the government, money borrowed and receipts from loans given by the government flow into the consolidated fund of India. All government expenditure is made from this fund, except for exceptional items met from the Contingency Fund or the Public Account. Importantly, no money can be withdrawn from this fund without the Parliament’s approval.

Contingency Fund:

As the name suggests, any urgent or unforeseen expenditure is met from this fund. The Rs 500-crore fund is at the disposal of the President. Any expenditure incurred from this fund requires a subsequent approval from Parliament and the amount withdrawn is returned to the fund from the consolidated fund.

Public Account:

This fund is to account for flows for those transactions where the government is merely acting as a banker. For instance, provident funds, small savings and so on. These funds do not belong to the government. They have to be paid back at some time to their rightful owners. Because of this nature of the fund, expenditure from it are not required to be approved by the Parliament.

For each of these funds the government has to present a statement of receipts and expenditure. It is important to note that all money flowing into these funds is called receipts, the funds received, and not revenue. Revenue in budget context has a specific meaning.

The Constitution requires that the budget has to distinguish between receipts and expenditure on revenue account from other expenditure. So all receipts in, say consolidated fund, are split into Revenue Budget (revenue account) and Capital Budget (capital account), which includes non-revenue receipts and expenditure. For understanding these budgets — Revenue and Capital — it is important to understand revenue receipts, revenue expenditure, capital receipts and capital expenditure.

Revenue receipt/Expenditure:

All receipts and expenditure that in general do not entail sale or creation of assets are included under the revenue account. On the receipts side, taxes would be the most important revenue receipt. On the expenditure side, anything that does not result in creation of assets is treated as revenue expenditure. Salaries, subsidies and interest payments are good examples of revenue expenditure.

Capital receipt/Expenditure:

All receipts and expenditure that liquidate or create an asset would in general be under capital account. For instance, if the government sells shares (disinvests) in public sector companies, like it did in the case of Maruti, it is in effect selling an asset. The receipts from the sale would go under capital account. On the other hand, if the government gives someone a loan from which it expects to receive interest, that expenditure would go under the capital account.

In respect of all the funds the government has to prepare a revenue budget (detailing revenue receipts and revenue expenditure) and a capital budget (capital receipts and capital expenditure). Contingency fund is clearly not that important. Public account is important in that it gives a view of select savings and how they are being used, but not that relevant from a budget perspective. The consolidated fund is the key to the budget. We will take that up in the next part.

As mentioned in the first part, the government has to present a revenue budget (revenue account) and capital budget (capital account) for all the three funds. The revenue account of the consolidated fund is split into two parts, receipts and disbursements — simply, income and expenditure. Receipts are broadly tax revenue, non-tax revenue and grants-in-aid and contributions.

MORE OVER FIGURS ARE ON GOVT PAPER ONLY. PLAN AND PLAN AND PUBLISH AND SOME TO EXPENSES AND MAJOR COMING BACK IN HAND OF POLICY MAKER.

IMPORT TAX, EXCISE DUTY, INCOME TAX, SALES TAX, CENTRAL SALES TAX, SERVICE TAX, BCCT, TAX TAX TAX,,,,,,,,,

OUT OF BUDJET EXPENSES AND PROVISION OUT OF 1 RS ONLY 0.10 PAISE REACH IN HAND OF ACTUAL NEEDED SO WE SHOULD TAKE FIGURE AS DIVIDED IN 0.10 PAISE  WHICH DECLERE IN BUDJET

Tax collections down by Rs 60,000 cr

nflation rate fell to 4.4 per cent on Janaury 31, 2009

HELLO

SO ALL OF YOU SATISIFED WITH THIS BUDGET????????

6 new IITs started functioning in 2008-09

February 16, 2009

• IITs in Madhya Pradesh and Rajasthan will start functioning in 2009-10.

ADMIN SAYS ' DISCUSS BUDGET' - IS THERE ANYTHING IN BUDGET TO DISCUSS ????