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Budget 2021 Live News: Read latest news & updates on Union Budget of India. Check out the full details for Income tax slab 2021-22, Railway Budget, Income Tax Relief, Budget announcements

This Budget: Union Budget 2021 announcements. Get latest Union Budget 2021 news and updates from Nirmala Sitharaman on The Economic Times. Budget speech, latest budget announcements, budget highlights and more. In India there is constitutional requirement to present budget before Parliament for the ensuing financial year. The financial (fiscal) year starts on April 1 and ends on March 31 of next year. For example, fiscal or budget year 2010-11 is from April 1, 2010 to March 31, 2011.

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Budget (in crore rupees) FY Reference Andhra Pradesh: 2,24,789 2020–21 Arunachal Pradesh: 22,581 2021-22 Assam: 99,419 2019–20* Bihar: 2,18,303 2021–22 Chhattisgarh: 97,106 2021–22 Delhi: 69,000 2021-22 Goa: 21,647 2021–22 Gujarat: 2,27,029 2021–22 Haryana: 1,55,645 2021–22 Himachal Pradesh: 50,192 2021–22 Jammu and Kashmir The military budget or defence budget of India is the portion of the overall budget of Union budget of India that is allocated for the funding of the Indian Armed Forces. The military budget finances employee salaries and training costs, maintenance of equipment and facilities, support of new or ongoing operations, and development and procurement of new technologies, weapons, equipment, and vehicles.

Union Budget: India Budget 2021 with the latest news on Income tax, Economic survey, sector impact, and tax details for 2021-22

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Article 112 of the Constitution of India make it a constitutional requirement. Functions of Government Budget: Allocation Function (like roads, national defence etc.) Redistribution Function (taxes on wealthy and DBT(or subsidy) for poor) Stabilisation Function (supply and demand equilibrium) The Budget is divided into two parts (or Accounts):

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The Railway Budget was presented every year, a few days before the Union budget, till 2016. Balanced Budget: Unbalanced Budget: A balanced budget is a situation, in which estimated revenue of the government during the year is equal to its anticipated expenditure. The budget in which income & expenditure are not equal to each other is known as Unbalanced Budget.