Annual Budget 2018

Annual budget in simple language means a projected income and expenditure for the entire 12 months. The Annual budgets apply to a fiscal year or calendar year.

What is Union Budget?

Our parliamentary system works on West Minister model. Our Annual budget is approved subject to the approval of legislature at both center and state levels. The Annual financial statements is presented before both the houses of Parliament. This is also termed as the budget of the Union government. The expenditure estimates included in the budget has to be presented before the Lok Sabha in the form of “Demand for Grants”.

Union Budget Date

In Our country, the budget is presented on a fixed date as decided by the President. This year The Union Budget 2018 will be presented on February 1, Parliamentary Affairs Minister Ananth Kumar announced on 5th of January. The minister further stated that the budget session of the parliament will be conducted from January 29 to April 6, 2018.

The Phase 1 of the session will be held from January 29 to February 9 while the second phase will be from March 5 to April 6, as told by Mr. Kumar.

Union Budget 2018: Economic Facets and Taxation

The budget will be presented by the Finance Minister Mr. Arun Jaitley in the noon for the fiscal year 2018-19. President Ramnath Kovind will address both the houses of the Parliament on January 29, 2018. Last year also the budget presentation date was the same. The Union budget presentation is usually in two parts; Part A: Economic Survey, Part B: Taxation proposals. On January 29th itself Economic survey will be presented before both the houses.

Click here : Budget 2018

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