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UNION BUDGET%282012%29Swati Midterm Report

UNION BUDGET%282012%29Swati Midterm Report

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Published by: Abhishek Bharadwaj on May 31, 2012
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Analysis of Impact of Union Budget 2012-13 On Income Tax

Submitted in partial requirement for P.G.D.M Programme Year - 2010 – 2012 Project Code- IFIM-Academic Project

SUBMITTED BY: Submitted To: Dr Madhumita Chatterjee Swati Kumari

 To bring out the perspective of Political parties in India towards using Budget related changes as “ Vote Bank Politics “.  To understand the tools (Investments) used by common man to save IT in India.  To throw some light on period 2007-2009 in terms of Global recession and its impact on India and the Budget that came afterwards .  To understand the Union Budget with special reference to Income Tax and its Implications. Limitations:The topic will be dealing with Union Budget highlights and the comparison will be just on basis of Income tax Slab and sample size will be just of 30 people.  To Compare between Union Budget 2012 & 2011 with reference its changes in IT Act.  To conduct a primary research with a sample of 30 and understand their view of common man on new IT slab and Budget. .Topic: To understand the evolution and growth of Union Budget in India.

Learning in Internship:We have to advice customers on various financial investments and products so that during the process of investing their hard earned money they don’t get cheated or misguided by any companies or agents. . Real Estate. The various products are Loan. Loan Against Property.Mutual Fund. Stock Market .Tax Planning. Insurance (mainly people seek advice on it and this is the area where they are mainly cheated also so its really important to give them good knowledge on it).we do this based on the profile of the coustomer like their personel profile and financial status . . We just aware customers of the various important criteria that they should check before making Investments and how they can select best investment for them from various options available in the market .

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referred to as the annual Financial Statement in Article 112 of the Constitution of India. Supplemental requests for funds are presented during the course of the fiscal year to cover emergencies. and the finance act. The Union Budget of India. this was the 7th budget of his career . a financial statement detailing the estimated receipts and expenditures of the central government for the forthcoming fiscal year and a financial review of the current fiscal year. subject to retroactive modifications after the parliamentary review. the beginning of the fiscal year. The Lok Sabha cannot increase the request for funds submitted by the executive. The bills are forwarded to the Rajya Sabha (Council of States--the upper house of Parliament) for comment. Taxes passed by Parliament may be retroactive. such as war or other catastrophes. The Lok Sabha has one month to review and modify the government's budget proposals. however. History of Budget in India India's Budget . the Lok Sabha passes the annual appropriations act. Proposals for taxation or expenditures.India's public finance system follows the British pattern. is not bound by the comments. These budgetary proposals would be applicable from 1 April 2012 to 31 March 2013. is the annual budget of the Republic of India. nor can it authorize new expenditures. presented each year on the last working day of February by the Finance Minister of India in Parliament. which also scrutinizes and audits all government accounts to ensure that expenditures are legally authorized and properly spent. may be initiated only within the Council of Ministers--specifically by the minister of finance. the start of India's financial year. the budget as proposed by the minister of finance goes into effect. the bills become law. If by April 1. authorizing the executive to spend money. The minister of finance is required to submit to Parliament. The Indian constitution establishes the supremacy of the bicameral Parliament--specifically the Lok Sabha (House of the People)--in financial matters. No central government taxes are levied and no government expenditure from public funds disbursed without an act of Parliament. Former Finance Minister Morarji Desai presented the budget ten times. The Union Budget of India for 2012 . the Finance Minister of India on 16th March 2012. When signed by the president. and the Rajya Sabha cannot delay passage of money bills. . On completion of its budget discussions. the parliamentary discussion of the budget has not been completed. the most by any.Union Budget : Meaning of Union Budget A budget is a financial document used to project future income and expenses. authorizing the executive to impose and collect taxes. usually on the last day of February. The budget has to be passed by the House before it can come into effect on April 1.2013 was presented by Pranab Mukherjee. The Lok Sabha. The budgeting process may be carried out by individuals or by companies to estimate whether the person/company can continue to operate with its projected income and expenses. however.

1947. Initially. major attention was paid towards the agriculture sector but as the economy evolved. During the early the fifties. The liberalization process which he started years back is still followed and is seen in interim budget and Indian budget announcements every year. presented the first Finance Budget of independent India on November 26. financial etc. Manmohan Singh who served as the Union Finance Minister under the leadership of Mr. Singh was instrumental in head starting the new phase of economic liberalization. He reduced the control of Government over public sector units through disinvestment.K.India's first Finance Minister Sir R. Shanmugham Chetty. 28 different Union Finance Ministers have been presenting the budget year after year. This year also live union budget 2011 will be announced by Pranab Mukherjee. P. The change in the approach began with Mr. Mr. Indian budget highlights revolved around the public sector and public finance and hence. inflation. This trend continued till the finance budget 1985-86. the focus shifted from agriculture to other sectors like industrial.V. . Since then.taxation. public savings etc were much talked about topics. back then . Narsimha Rao.

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