Union budget of India

The Union Budget of India, also referred to as the Annual financial statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India. It is presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial bill and the Appropriation bill has to be passed by the Houses before it can come into effect on April 1, the start of India's financial year.

An Interim Budget is not the same as a 'Vote on Account'. While a 'Vote on Account' deals only with the expenditure side of the government's budget, an Interim Budget is a complete set of accounts, including both expenditure and receipts. An Interim Budget gives the complete financial statement, very similar to a full Budget.While the law does not debar the Union government from introducing tax changes, normally during an election year, successive governments have avoided making any major changes in income tax laws during an Interim Budget.

Union

Union is the state of being united or joined.

Union may also refer to:

Labor

Education

History and politics

Budget

A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms. International Budget Partnership regularly monitors global budget information for the civil society.

Etymology

A budget (derived from old French word bougette, purse) is a quantified financial plan for a forthcoming accounting period.

A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms.

Purpose

Budget helps to aid the planning of actual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Other essentials of budget include:

Arun Jaitley

Arun Jaitley (born 28 December 1952) is an Indian politician and lawyer who is the current Finance Minister, Minister of Corporate Affairs and Minister of Information and Broadcasting in the Cabinet of India. A member of the Bharatiya Janata Party, Jaitley previously held the cabinet portfolios of Commerce and Industry and Law and Justice in the Vajpayee government (1998–2004) and briefly served as the Minister of Defence in the Narendra Modi government. From 2009 to 2014 he served as the Leader of the Opposition in the Rajya Sabha. He is a Senior Advocate of the Delhi High Court.

Early life and career

Jaitley was born on December 28, 1952 in New Delhi to Maharaj Kishen Jaitley, a lawyer and social activist Ratan Prabha. He studied at St. Xavier's School, New Delhi from 1957–69. He graduated in Commerce from Shri Ram College of Commerce, New Delhi in 1973. He passed his Law degree from the University of Delhi, in 1977.

Jaitley was an Akhil Bharatiya Vidyarthi Parishad (ABVP) student leader in the Delhi University Campus in the seventies and rose to be the President of the Students Union of Delhi University in 1974.. During the period of proclamation of Internal Emergency (1975–77) when civil liberties were suspended, he was under preventive detention for a period of 19 months. He was a prominent leader of a movement against corruption launched in the year 1973 by Raj Narain and Jayaprakash Narayan. He was the Convenor of the National Committee for Students and Youth organisation appointed by Jai Prakash Narayan. He was also active in civil rights movement and helped found PUCL Bulletin along with Satish Jha and Smitu Kothari. After being released from jail he joined the Jan Sangh.