ng 10 to 15 per cent on tobacco

ng to Article 112 of the
Indian Constitution, the Union Budget
of a year, also referred to as the annual financial statement, is a statement
of the estimated receipts and expenditure of the government for that particular
year.

Description: Union Budget keeps
the account of the government’s finances for the fiscal year that runs from 1st
April to 31st March. Union Budget is classified into Revenue Budget and Capital
Budget.

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2017-18

1.
Demonetisation is expected to have a great impact on the economy and It will
have 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 days
interest waiver.

3.
The government targets to bring 1 crore households out of poverty by 2019.

4.
A sum of Rs. 1,84,632  crore allocated
for 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.

àThese
allocations are really important because these issues were to be addressed really
fat because mainly the defence sector require money and improvement so that was
addressed and the issue regarding poverty is also to be addressed really very
fast as the poor are becoming poor .

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2016-17

1.
Excise duty raised from 10 to 15 per cent on tobacco products other than beedis

2.
Rs 1,000 crore allocated for new EPF (Employees’ Provident Fund) scheme

3.
Swacch Bharat Abhiyan was allocated Rs.9,500 crores.

4.
Senior citizens will get additional healthcare cover of Rs 30,000 under the new
scheme

5.
Scheme to get Rs.500 crores for promoting entrepreneurship among SC/ST

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2015-16

1.
Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.

2.
Six
crore toilets across the country under the Swachh Bharat Abhiyan.

3.
Develpoment
schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests
of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at
Hyderabad to be under the new toursim scheme.

4.
Housing
for all by 2020.

5.
Upgradation
80,000 secondary schools.

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2014-15

1.
Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior
citizens to Rs 3 lakh

1.
5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan and 5 more IITs
in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.

2.
Govt proposes to launch ‘Digital India’ programme to ensure broad band
connectivity at village level

3.
Beti
Bachao, Beti Padhao Yojana to generate awareness and help in improving the
efficiency of delivery of welfare services meant for women

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2013-14

1.Pass the National Food Security Bill, which
aims to provide 5 or 7kgs. food grains (the amount not yet finalized) monthly
per 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 is
expected that a Govt. plan will be introduced in the budget to make black money
accountable.

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2012-13

1.Tax
reforms: Direct Taxes Code (DTC) at earliest; GST network to be operational by
August 2012; Central Excise and Service Tax being harmonized. A General
Anti-Avoidance Rule (GAAR) to be introduced to counter aggressive tax
avoidance.

2.
Defence
services get Rs. 1,93,407 crore; any further requirement to be met.

 

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2011-12

1.Citizens over 80 years to have exemption
limit of Rs 5 lakh.

2.To reduce surcharge on domestic companies to
5 percent from 7.5 percent.

3.  Iron ore export duty raised to 20
percent

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2010-11

1.Allocation for new and renewable energy
sector increased 61 percent from Rs.620 crore to Rs.1,000 crore in 2010—11

2. Rs.147,344 crore allocated for defence

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2009-10

1. Commodity Transaction Tax abolished

2.  For Indira Awas Yojana,
allocation increased 63%

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2008-09

1. Changes in I-T slab. Threshold of exemption
for 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 UNION
BUDGET OF THE YEAR 2005-08

1.E-governance allocation to be increased from
Rs.395 to Rs.719 crore.

2.VAT revenues increased by 24.3 per cent in the
first nine months of 2006-07.

3.
In 2006-07 goods and service tax was proposed

4.
12 crore children now covered; allocation to be enhanced from Rs.3,010 crore to
Rs.4,813 crore.-mid day meals scheme

5  Income
between 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 lakh

9. Exemption level for senior citizens at Rs 1.5
lakh

IMPORTANT ASPECTS OF UNION
BUDGET OF THE YEAR 2002-05

1.70 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 to
Rs 2,200 crores

5. Telecom allocated Rs 19,463 crores

6. Rs 866 crores allocated for tribal affairs