Budget 2024 LIVE Updates | Expectations

A Union Budget is an annual report prepared by the Government, whereby it lays down the plan for government's revenue and expenditures.

At the end of the 5-year term of the ruling party when the central elections will be held, a budget is presented by the operating Government for the period applicable till the new government takes over. Since this budget is prepared for a short duration and it will be followed by a fresh new budget by the party who forms the government after the elections, it is called the Interim budget.

The Budget is prepared by Budget Division, The Department of Economic Affairs, and the Ministry of Finance.

In Budget, the Government proposes various changes in the tax rates, rebates, grants etc. These changes have a direct impact on an individual.

Before the budget is announced, various autonomous bodies, economists, industrialists etc. who represent the industry, trade, and commerce share the mass problems and solutions in the form of pre-budget expectations.

The Budget is prepared annually. It is for a period starting from 1st April to 31st March. The Budget is usually announced in the first week of February.

The Budget is usually presented by the Finance Minister of India.

A Pre memorandum Budget is a detailed document where the expectations from the budget are precisely mentioned.

A Rail Budget is the projected revenue and expenditures pertaining to railways only. Earlier, it was presented separately, but Mr Arun Jaitley had changed this practice and now the Rail Budget is presented along with the Union Budget.

The Rail Budget is announced by the Finance Minister of India.