New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday presented the fourth general budget of the second term of the Modi government at the Centre. According to the budget, the government will spend Rs 39.44 lakh crore in the coming financial year i.e. From April 2022 to March 2023. That's a guess right now and it could be more or less.
Just as the budget of the house is prepared, the country's budget is also determined. The budget is nothing but information about the earnings and expenditure of the government. In this, the government keeps the information in front of the country as to where it will earn money and where it will spend it. The government's earnings are through taxes and duties. While, it is spent on schemes, giving to states, subsidising, giving pensions and defence, etc. Generally, the expenditure of the government is more than its income. To bridge this gap, the government takes loans. According to the recent budget document, 35 paise of the government's earning of Re 1 is on borrowed money. 20 paise of Re 1 of the government goes towards paying interest. In the income of the government, 15 paise is from the income tax of the common man.
However, the central government has not given any relief in income tax to the common man this year also. Still your income up to Rs. 2.5 lakh will remain tax-free. That is, the income tax system that has been in place now, you will have to pay tax accordingly. The facility will be given.
Budget 2022: Finance Minster Nirmala Sitharaman arrives at Ministry of Finance
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