Union Budget 2014: What we should know

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Parliament of India
The Budget Session of Parliament began on Monday. The 42-day-long Session will see presentation of Modi Government's maiden Rail Budget and General Budget. Expectations are high from all quarters, be it corporate bigwigs or common people- everybody has their own interpretation and expectation of the promised ‘achchhe din'. Amid all this we are presenting some interesting facts about the Union Budget.

Facts we should know:

The 2014 Union Budget will be the 84th to be presented in Independent India.

The Annual Financial Statement commonly known as Union Budget keeps the account of the Government's finances for the fiscal year that runs from 1st April to 31st March.

According to Article 112 of the Indian Constitution, the Union Budget is a statement of the estimated receipts and expenditure of the Government for a particular year.

It is presented on the last working day of February each year by the Finance Minister in Parliament. But, during the elections, an Interim Budget is passed to be in effect till the next Government comes to power and brings out its Budget.

An interim Budget is passed through a Vote on Account procedure and is applicable for a limited time period.

The employees printing the Budget papers are kept in complete isolation in the Finance Ministry for one week before the Budget.

The budget papers are printed at a press owned by the Finance Ministry.

The Finance Ministry, Planning Commission, Administrative Ministries and the Comptroller & Auditor General are the main players of the Union Budget.

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.

Union Budget is classified into Revenue Budget and Capital Budget.

Revenue Budget involve the revenue which the Government gets from taxes and other sources. It includes Government's revenue receipts and expenditure. There are two types of revenue receipts - tax and non-tax revenue. Revenue expenditure is the expenditure incurred on day to day functioning of the Government and on various services offered to citizens.

Budget of 1973-74 is known for ‘Black Budget' in India

Capital Budget includes capital receipts and payments of the Government. Loans from public, foreign Governments and RBI form a major part of the Government's capital receipts. Capital expenditure is the expenditure on development of machinery, equipment, building, health facilities, education etc.

The first Union budget of independent India was presented by R. K. Shanmukham Chetty in 1949.

Services Tax was introduced by Manmohan Singh in budget 1994 to tap the growing sector in Indian economy.

Budget of 1973-74 is known for ‘Black Budget' in India. During this year budget deficit in 1973-74 was Rs 550 crore.

Former Finance Minister Morarji Desai presented ten Budgets which is the most by any Finance Minister.

The then-Finance Minister Manmohan Singh, in his annual Budget in 1991-92, opened the economy, encouraged foreign investments and reduced import duty from 300 plus percent to 50 percent.

Until year 2000, the Union Budget was announced at 5 pm on the last working day of February. Yashwant Sinha began the new timing of budget speech by presenting the budget from 2001 at 11:00 am.

Budget papers were first prepared in Hindi in 1955-56.

Pranab Mukherjee, P Chidambaram, Yashwant Sinha, Y B Chavan and C D Deshmukh have presented seven budgets each, while Manmohan Singh and T T Krishnamachari, have presented six budgets each.

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