Professional Documents
Culture Documents
usually monthly Budget due to our limited resources Helps us meet our responsibilities and our financial goals
Why Budget?
borrowings 19%
customs 12%
interest 20%
Preparing a Budget
Budgeting is about:
Choosing how to use your money
Knowing what your income and expenses are every month
3. Decrease spending
4. Increase income
Step 2: Income
Income comes in the form of:
Allowances Wages from a job Miscellaneous work (like cutting grass) Interest and dividends from investments
Step 2: Expenses
Expenses: items you pay for each month
Housing and car payments Insurance Food and clothing Utility bills Personal, child or pet care Eating out or other entertainment Educational costs
Expenses
Expenses:
Everything you pay for in a time period
Expenses (continued)
Fixed Expenses do not change Car payment Rent Flexible/ Variable/ or Discretionary Expenses might change Electricity Food Clothing or entertainment Periodic Expenses occur regularly but not frequently Insurance Subscriptions Warranties/ Service Agreements License renewals
by Pranab Mukherjee, the Finance Minister of India on 16th March 2012. This was the 7th budget of his career . These budgetary proposals would be applicable from 1 April 2012 to 31 March 2013.
The Union Budget not only talks about what has happened in the past year, but also what is likely to happen in the coming year. While many of the things discussed in the Budget affect us indirectly, one space that directly impacts us is Taxation!
PERSONAL TAXATION
General (both men & women) Tax slab
Income Tax Slab (in Rs.) Up to Rs. 2 Lakhs Rs. 2 Lakhs to Rs. 5 Lakhs Rs. 5 Lakhs to Rs.10 Lakhs Above Rs. 10 Lakhs
Tax
No Tax
10%
20%
30%
Education
For 2012-13,Rs 25,555 crore provided for RTE-SSA representing an increase of 21.7 per cent over
Agriculture
Plan Outlay for Department of Agriculture and Cooperation increased by 18 per cent.
Health
Allocation of resources proposed to be increased from 18,115 crore in 2011-12 to 20,822 crore in 2012-13.
Infrastructure
Allocation of the Road Transport and Highways Ministry enhanced by 14 per cent to 25,360 crore.
2012-13.
Transport
Allocation of the Road
Transport and Highways Ministry enhanced by 14 per cent to 25,360 crore. Direct import of Aviation Turbine Fuel permitted for Indian Carriers as actual users.
Textile
Government has announced a financial package of 3,884 crore for waiver of loans of handloom weavers and their cooperative societies.