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What is a budget? A budget is a financial document used to project future income and expenses.

It plans future saving and spending as well as planned income and expenses. A budget can be drawn up for each financial year and contain information on the estimated value of sales and value of costs.

The different needs for a budgets are: To control resources To evaluate the performance of the firm or country For accountability To communicate plans to various people To provide visibility

The different types of budgets are: Sales budget an estimate of future sales, often broken down into both units and currency. Production budget an estimate of the number of units that must be manufactured to meet the sales goals. Capital budget - used to determine whether an organization's long term investments are worth pursuing.

Expenditure budget includes spending data items. Personal or family budget - In a personal or family budget all sources of income are identified and expenses are planned with the intent of matching outflows to inflows. Event management budget- A budget is a fundamental tool for an event director to predict with reasonable accuracy whether the event will result in a profit, a loss or will break-even. A budget can also be used as a pricing tool.

Government

budgetA government budget is a document plan of public revenue and expenditure that is often passed by the legislature, approved by the chief executiveor president and presented by the Finance Minister to the nation. The budget is also known as the Annual Financial Statement of the country.

The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1, the start of India's financial year.

The Union Budget of India for 2011 2012 was present by Pranab Mukherjee, the Finance Minister of India on 28 February2011. This budgetary proposals would be applicable from 1 April 2011 to 31 March 2012.

Allocation for Bharat Nirman programme proposed to be increased by ` 10,000 crore from the current year to ` 58,000 crore in 2011-12. Plan to provide Rural Broadband Connectivity to all 2,50,000 Panchayats in the country in three years.

Allocation under Rashtriya Krishi Vikas Yojana (RKVY) increased from 6,755 crore to 7,860 crore. Bringing Green Revolution to Eastern Region Credit flow for farmers raised from 3,75,000 crore to 4,75,000 crore in 201112. Allocation of 2,14,000 crore for infrastructure in 2011-12 Approval being given to set up 15 more Mega Food Parks during 2011-12.

Allocation for education increased by 24 per cent over current year. Exemption limit for the general category of individual taxpayers enhanced from 1,60,000 to 1,80,000 giving uniform tax relief of 2,000.

Union

budget of India for the year 20122013 was presented by the Finance Minister Pranab Mukherjee on March 16,2012

Plan Outlay for Department of Agriculture and Co-operation increased by 18 percent. Outlay for Rashtriya Krishi Vikas Yojana (RKVY) increased to 9,217 crore in 2012-13. Initiative of Bringing Green Revolution to Eastern India (BGREI) has resulted in increased production and productivity of paddy.

Exemption limit for the general category of individual taxpayers proposed to be enhanced from 1,80,000 to 2,00,000 giving tax relief of 2,000. Target of covering a length of 8,800 kilometre under NHDP. Target for agricultural credit raised by `1,00,000 crore to `5,75,000 crore in 201213.

The

Union Budget of India for 2013 2014 was presented by Financ e Minister, P.Chidambaram on 28 February 2013,11 am

Total expenditure of 16.68 trillion INR Planned defence expenditure of 2.03 trillion INR Education expenditure of 650 billion INR[2] 373.3 billion (US$6.4 billion) was allocated for Ministry of Health & Family Welfare in the financial year 2014. 35.11 billion (US$600 million) allocated to Minority Affairs Ministry. 47.27 billion (US$810 million) allocated for medical education and research.[3] Allocation of 10 billion (US$170 million) for Nirbhaya Fund to empower women and increase their safety Setting up a National Institute for Sports to train coaches in Patiala,Punjab at a cost of 2.5 billion

No changes in personal income tax slabs.But a special redemption of Rs. 2,000 has been given for income group between Rs. 2lakh-5lakh. Bringing green revolution to eastern India a remarkable success. ` 1,000 crore allocated in 2013-14. Health for all and education to all remains priority

Presented by Harshit Bhaiya X A

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