You need to carefully read the Part - A & Part - B of the Budget Speech of the Finance Minister to understand the proposals. Although going through the Budget speech may not always be foolproof to understand the basic provisions as political compulsion may force the FM to present the glorious aspect of the Budget proposals.
PART A of the Budget Speech covers the broad outlays of money for different Sectors. Introduction of new Schemes, Priorities of the Government and focus areas are also indicated in this part. For proper and clear understanding of this Part, it is necessary to refer to Volume -1 and /volume-2 which deals with the entire matter in a very objective and quantitative terms. Here the last year "s Budget data is compared with that of actual (the same is called revised estimates which is usually based on transactions till 31st Dec.)
So Part A of the Speech is more concerned about the Macro aspect of the Economy. This part is of more interest to the economist.
PART B deals with Taxation proposals. It has direct bearing over your family finances, which may squeeze or spread due to the proposals. Like last year Budget was quite rewarding to the women, as the FM announced NO tax for women up to Rs.5000 of Tax. But again PART A should be read with Volumes giving the absolute clarity.
PART B should also be read with Finance Act. Finance Act is a document containing Legal provisions. A general reader can grasp the provisions by going through the Memorandum of Explanations attached, which gives the broad background of the new changes etc.
PART A of the Budget Speech covers the broad outlays of money for different Sectors. Introduction of new Schemes, Priorities of the Government and focus areas are also indicated in this part. For proper and clear understanding of this Part, it is necessary to refer to Volume -1 and /volume-2 which deals with the entire matter in a very objective and quantitative terms. Here the last year "s Budget data is compared with that of actual (the same is called revised estimates which is usually based on transactions till 31st Dec.)
So Part A of the Speech is more concerned about the Macro aspect of the Economy. This part is of more interest to the economist.
PART B deals with Taxation proposals. It has direct bearing over your family finances, which may squeeze or spread due to the proposals. Like last year Budget was quite rewarding to the women, as the FM announced NO tax for women up to Rs.5000 of Tax. But again PART A should be read with Volumes giving the absolute clarity.
PART B should also be read with Finance Act. Finance Act is a document containing Legal provisions. A general reader can grasp the provisions by going through the Memorandum of Explanations attached, which gives the broad background of the new changes etc.