1. Submitted By Priya Sahni Vineeta Dhanwani

2. What does the annual Union Budget mean?

3. The annual Union Budget is the Finance Minister’s report on what the Government of India has done with the country’s money over the past year and what is expected in the coming year.

4. Who decides the budget?

5. The Finance Minister presents the final Budget, after it is worked on by the Ministry of Finance. The Budget is presented to the Lok Sabha on the last working day of February. It has then to be discussed and passed by the house before coming into effect on April 1st.

6. How does the Union Budget affect my life?

8. The Union Budget not only talks about what has happened in the past year, but also what is likely to happen in the coming year. While many of the things discussed in the Budget affect us indirectly, one space that directly impacts us is Taxation! The Tax Slabs & Norms are often tweaked or changed completely in the Budget, which means that the amount of tax you pay could increase or decrease!

15. Age for eligibility reduced from 65 years to 60 Years Upto 240,000 Upto 250,000 Nil 240,001to500,000 250,001to500,000 10% 500,001to800,000 500,001to800,000 20% Above800,001 Above 800,001 30% For Senior Citizen (80years & above) Hike in exemption limit to ` 5 lakh will result on big gains Upto 240,000 Upto 500,000 Nil 240,001to500,000 - 10% 500,001to800,000 500,001to800,000 20% Above 800,001 Above 800,001 30%