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2024 Union Budget Of India
The 2024 Union Budget of India was presented by Finance Minister, Nirmala Sitharaman on 23 July 2024. This was the first budget of Narendra Modi led NDA government's third term. History The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. The first Union Budget of Independent India was presented by R. K. Shanmukham Chetty on 26 November 1947. Tax changes Revised income tax slabs The income tax (IT) slabs have been revised under the new income tax regime. The updated tax rates are as follows: Standard deduction has been increased from 50,000 to 75,000. Ernst & Young estimates that, following standard tax deduction polices, income of upto 7.75 lakh is extempted from income tax after introduction of the increase in s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union Budget Of India
The Union Budget of India, also referred to as the ''Annual Financial Statement'' in Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialised before the beginning of new financial year in April. Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament. The budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget. It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year. An interim budget is not the same as a 'Vote on Account'. While a 'Vote on Account' deals only with the expenditure side of the government's budget. An interim budget is a complete set of accounts, including both expenditure and receipts. An interim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Democratic Alliance (India)
National Democratic Alliance (NDA) () is a centre-right to right-wing and conservative Indian big tent political alliance led by the right-wing Bharatiya Janata Party (BJP). It was founded in 1998 and currently controls the government of India as well as the government of 15 Indian states, and 1 Union Territories. Its first chairman was Prime Minister Atal Bihari Vajpayee. L. K. Advani, the former Deputy Prime Minister, took over as chairman in 2004 and served until 2014, and Amit Shah has been the chairman since 2014. The coalition ruled from 1998 to 2004. The alliance returned to power in the 2014 general elections with a combined vote share of 38.5%. Its leader Narendra Modi was sworn in as Prime Minister of India on 26 May 2014. In the 2019 general election, the alliance further increased its tally to 353 seats with combined vote share of 45.43%. History The NDA was formed in May 1998 as a coalition to contest the general elections. The main aim of the NDA was to fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2024 Interim-Union Budget Of India
The 2024 Interim-Union Budget of India provides comprehensive information regarding the projected revenue and government spending for the fiscal year 2024–25, commencing on 1 April 2024 and concluding on 31st March 2025. Finance Minister Nirmala Sitharaman presented the Union Budget in the Lok Sabha on 1 February 2024 following the necessary approval from the President of India. During this presentation, the Finance Minister highlighted the crucial aspects of the document and justified the underlying thought process behind the proposed initiatives. Subsequently, the Union Budget is subjected to discussion in both houses of Parliament. Once it gets passed in Lok Sabha as well as Rajya Sabha The Rajya Sabha, wikisource:Constitution of India/Part V#Article 80, constitutionally the Council of States, is the upper house of the bicameral Parliament of India. , it has a maximum membership of 245, of which 233 are elected by the legisl ..., it will be forwarded to the President f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union Budget Of India
The Union Budget of India, also referred to as the ''Annual Financial Statement'' in Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialised before the beginning of new financial year in April. Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament. The budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget. It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year. An interim budget is not the same as a 'Vote on Account'. While a 'Vote on Account' deals only with the expenditure side of the government's budget. An interim budget is a complete set of accounts, including both expenditure and receipts. An interim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ernst & Young
Ernst & Young Global Limited, trade name EY, is a multinational corporation, multinational professional services partnership headquartered in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers (PwC), it is considered one of the Big Four accounting firms. It primarily provides assurance services, assurance (which includes financial audit), tax, management consulting, consulting and Corporate services, advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting. EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 312,250 employees in over 700 offices in more than 150 countries around the world. The firm's current partnership was formed in 1989 by a merger of two acc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of India
The Constitution of India (IAST: ) is the supreme law of India. The document lays down the framework that demarcates fundamental political code, structure, procedures, powers, and duties of government institutions and sets out fundamental rights, directive principles, and the duties of citizens. It is the longest written national constitution in the world. It imparts constitutional supremacy (not parliamentary supremacy, since it was created by a constituent assembly rather than Parliament) and was adopted by its people with a declaration in its preamble. Parliament cannot override the constitution. It was adopted by the Constituent Assembly of India on 26 November 1949 and became effective on 26 January 1950. The constitution replaced the Government of India Act 1935 as the country's fundamental governing document, and the Dominion of India became the Republic of India. To ensure constitutional autochthony, its framers repealed prior acts of the British parliam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expense
An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc. In accounting, ''expense'' is any specific outflow of cash or other valuable assets from a person or company to another person or company. This outflow is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which a proprietary stake i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Narendra Modi
Narendra Damodardas Modi (; born 17 September 1950) is an Indian politician serving as the List of Prime Ministers of India, 14th and current Prime Minister of India since 2014. Modi was the List of chief ministers of Gujarat, Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament, Lok Sabha, Member of Parliament from Varanasi (Lok Sabha constituency), Varanasi. He is a member of the Bharatiya Janata Party (BJP) and of the Rashtriya Swayamsevak Sangh (RSS), a right-wing Hindutva, Hindu nationalist paramilitary volunteer organisation. He is the longest serving prime minister from outside the Indian National Congress. Modi was born and raised in Vadnagar in northeastern Gujarat, where he completed his secondary education. He was introduced to the RSS at age eight. He has reminisced about helping out after school at his father's tea stall at the Vadnagar railway station. At age 18, Modi was married to Jashodaben Modi, Jashodaben Chimanlal Modi, whom he ab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
18th Lok Sabha
General elections are expected to be held in India between April and May 2024 to elect 543 members of the Lok Sabha. Background The tenure of the 17th Lok Sabha is scheduled to end on 16 June 2024. The previous general elections were held in April–May 2019. After the election, National Democratic Alliance, led by Bharatiya Janata Party, formed the union government, with Narendra Modi continuing as Prime Minister. Electoral system All 543 elected MPs are elected from single-member constituencies using first-past-the-post voting. The 104th amendment to the constitution abolished the two seats that were reserved for the Anglo-Indian community. Eligible voters must be Indian citizens, 18 years or older, an ordinary resident of the polling area of the constituency and registered to vote (name included in the electoral rolls), possess a valid voter identification card issued by the Election Commission of India or equivalent. Some people convicted of electoral or other offe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emblem Of India
The State Emblem of India is the national emblem of the Republic of India and is used by the union government, many state governments, and other government agencies. The emblem is an adaptation of the Lion Capital of Ashoka, an ancient sculpture dating back to 280 BCE during the Maurya Empire. The statue is a three dimensional emblem showing four lions. It became the emblem of the Dominion of India in December 1947, and later the emblem of the Republic of India. History Following the end of British occupation on 15 August 1947, the newly independent Dominion of India adopted an official state emblem on 30 December 1947. The emblem consisted of a representation of the Lion Capital of Ashoka at Sarnath enclosed within a rectangular frame.Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
