Like, every year this year also the government is giving finances for the fiscal year, in between this we bring you the four basic things about the Budget that you should know
The Union Budget is an exercise carried out by the central government every year.
The government makes an estimate of revenue and expenses for the forthcoming financial year.
The exercise is similar to the monthly budget making one does for our household expenditure and earnings.
The first Union Budget of independent India was presented by RK Shanmukham Chetty on November 26, 1947.
It was a review of the economy and no new taxes were proposed. From when do Budget proposals take effect? Proposals made in the Budget, if passed by Parliament, take effect from April 1 of every year, which is when the financial year starts.
They are valid till March 31 of the next year.