The budget is an annual financial statement that is presented by the government of India, outlining its revenues and expenditures for the upcoming financial year. It is considered to be one of the most important policy statements of the government, as it lays out the government’s economic and fiscal policies for the year ahead.
In India, the Union Budget is presented by the Finance Minister in Parliament. The presentation of the budget is a significant event and is closely watched by the general public, media, and the business community.
There are two types of budgets in India:
- Union Budget: The Union Budget is the annual financial statement presented by the government of India, outlining its revenues and expenditures for the upcoming financial year. It is considered to be one of the most important policy statements of the government, as it lays out the government’s economic and fiscal policies for the year ahead. The Union Budget covers the financial transactions of the central government and the Union territories and is presented by the Finance Minister in Parliament. A budget presentation is a significant event that is closely watched by the general public, media, and the business community. The Union Budget is used to allocate resources and prioritize spending, and its policies can have a significant impact on the economy, businesses, and Salaried individuals.
- State Budgets: Each state in India also presents its own budget, covering its own revenue and expenditure. The state budgets are often aligned with the Union Budget and complement the Union Budget’s policies. The budget presentation is a significant event for each state and is closely watched by the citizens, media, and business community of that state.
Expectations of businessmen and salaried employees from Union budget
Business owners and salaried employees have different expectations from a financial budget.
Expectations of Business owners:
- Business owners typically expect a budget to provide a roadmap for allocating resources and generating profits. They look for ways to reduce costs, increase revenue, and make investments in growth opportunities.
- Business owners expect a budget to include tax planning strategies that minimize their tax liabilities and maximize their profits. They look for ways to reduce tax liabilities through tax credits, deductions, and other tax-saving strategies.
Expectations of Salaried employees:
- Salaried employees, on the other hand, may be more concerned with the impact the budget has on their compensation and benefits. They want to know if their salaries will increase, if they will receive bonuses, and if they can expect improvements in health insurance and other benefits.
- Salaried employees, expect the budget to reflect their take-home pay after taxes. They want to know how much money they will have available to cover their personal expenses, and they are concerned with any changes in tax laws or tax rates that could impact their paychecks.
Overall, both business owners and salaried employees expect a financial budget to provide stability, predictability, and support for achieving their goals. A well-designed financial budget should take into account the tax implications for both business owners and salaried employees, and provide a clear and accurate picture of the tax situation.
Note: The specific details of the Indian Union Budget 2023 are announced on 01st February 2023 by the Hon’ble Financial Minister Smt. Nirmala Sitharaman
