THE BHOPAL SCHOOL OF

SOCIAL SCIENCES

PUBLIC FINANCE CCE

SUBMITTED BY: RISHIKA SINGH
BCOM [ECONOMICS] ‘’H’’
CONTENT

 Budget: Meaning, Defination

 Classification of budget
 Purpose of Budget
 Highlights of this financial year
 BUDGET: [MEANING]
 It is originated from french word “BOUGETTE” which refers to
small leather bag containing an economic bill which is presented by
the finance minister in the parliament.

 Annually, A budget is not only a financial statement of actual and

anticipated revenue and outlays of government . But is also a
document of detail program and policies of action which they
desires to pursue in coming years for raising the level of economic
activity.
 DEFINATION

 Thus , Budget is a financial plan which is the statement of estimated

receipts and payments during fixed period . It is a comparative table
giving the amount of receipt to be realised and expenditure to be
incurred. It is further an authorisation and command given by proper
authorities to incur the expenditure and collect the revenue.
 This was given by “BEAULIEU”
CLASSIFICATION OF BUDGET

 Revenue and Capital budget

 Conventional and Administrative
 Deficit , Surplus and Balanced budget
 Development and Non Development
 PURPOSE OF BUDGET
 Necessity of planning
 Necessity of time
 Necessity of fund
 Efficiency of collecting fund
 Efficiency of expenditure
 Basis of past experience
 Act as an anticylical weapon
 Promotion of economic development
UNION BUGDET 2020 HIGHLIGHTS| All tax exemptions
will be removed gradually: Nirmala Sitharaman

 Union finance minister Nirmala Sitharaman presented the

annual budget 2020 in the parliament on 1 FEB . She said
that the budget was focused on three themes-
1. ASPIRATIONAL INDIA
2. ECONOMIC DEVELOPMENT FOR ALL
3. CARING SOCIETY
 The “REDUCTION IN INCOME TAX RATES” remained
the highlights of Sitharaman’s budget speech . In the new
I-T regime , those earning between Rs 5 lakh and Rs 7.5
lakh , will now pay 10% as personal income tax as against
the prevailing 20%. Among other keys measures the
government said it would spend Rs 99,300 crore on skill
development. She also announced reduction
CORPORATE TAXES and vowed to make India a
preferred investment destination.
 Tax on COOPERATIVE SOCITIES reduced to 22% without
exemptions.
 100 % tax concession to sovereign wealth funds on investment in
infrastructure projects.
 To end tax harassment new taxpayer charter to be instituted. Tax
harassment will not be tolerated, says FM.
 Proposes to amend companies act to bring criminal liability in
certain areas.
 To amend I-T act to allow FACELESS APPEALS.
 To launch new direct tax dispute settlement scheme– VIVAAD
SE VISHWAS SCHEME.
 Interest and penalty will be waived for those who wish to pay
the disputed amount till march 31
 Proposes new NATIONAL POLICY ON OFFICIAL
STATISTICS TO IMPROVE DATA COLLECTION.
 Aadhar-based verification of taxpayers is being introduced to
weed out dummy units. Instant ONLINE ALLOTMENT OF
PAN on the basis of aadhar.
THANK YOU…..