Who decides the Budget day?
In India, the Budget is presented in Parliament on a date fixed
by the President.
The Budget speech of the finance minister is usually divided in two parts. Part A
deals with general economic survey of the country while Part B relates to
taxation proposals.
The General Budget was earlier presented at 5 pm on the last working
day of February, but since 1999 the it is being presented at
11 am on the last working day of February, i.e. about a month before the
commencement of the financial year except in the year when general
elections are held.
In an election year, Budget may be presented twice -- first to secure vote
on account for a few months and later in full.
Why Budget is tabled usually on the last day of February?
The finance minister is required to submit the Budget in Parliament
usually on the last day of February so that the Lok Sabha has one month to
review and modify the Budget proposals.
If by April 1, the beginning of the country's fiscal year, the
parliamentary discussion on the Budget is completed, then only the Budget as
proposed by the finance minister comes into effect.
Image : An Indian policeman stands guard outside Parliament House in New Delhi
Photograph: Prakash Singh/AFP/Getty Images
Also read: 7 super tax saving, fixed income plans
Advertisement
