UNION BUDGET%282012%29Swati Midterm Report

7/31/2019 UNION BUDGET%282012%29Swati Midterm Report

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Topic:-

To understand the evolution and growth of Union Budget in India.

To understand the Union Budget with special reference to Income Tax and its

Implications.

To Compare between Union Budget 2012 & 2011 with reference its changes in IT Act.

To understand the tools (Investments) used by common man to save IT in India.

To conduct a primary research with a sample of 30 and understand their view of common

man on new IT slab and Budget.

To bring out the perspective of Political parties in India towards using Budget related

changes as Vote Bank Politics .

To throw some light on period 2007-2009 in terms of Global recession and its impact on

India and the Budget that came afterwards .

Limitations:-

The topic will be dealing with Union Budget highlights and the comparison will be just on basis of

Income tax Slab and sample size will be just of 30 people.


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Learning in Internship:-

We have to advice customers on various financial investments and products so that during the

process of investing their hard earned money they dont get cheated or misguided by any

companies or agents. The various products are Loan, Insurance (mainly people seek advice on it

and this is the area where they are mainly cheated also so its really important to give them good

knowledge on it),Mutual Fund, , Stock Market ,Tax Planning, Real Estate, Loan Against Property.

We just aware customers of the various important criteria that they should check before making

Investments and how they can select best investment for them from various options available in

the market ,we do this based on the profile of the coustomer like their personel profile and financial

status .


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Introduction of Company:

INDIANMONEY.COM

SUVUSION HOLDINGS PVT LTD

About IndianMoney.com:

IndianMoney.com is an online resource center for investors, professionals and students.

IndianMoney.com is promoted by Suvision Holdings Pvt Ltd, a venture based in Bangalore.

IndianMoney.com team respects and appreciates the desires of its readers to learn new financial

concepts and become a successful investor. IndianMoney.com wants to become an adviser for all

people investments and financial planning needs.

IndianMoney.com do not provide any brokerage for insurance, MF or stocks. IndianMoney.com

believes in quality, timely and fact based advice and services for the success of its readers. It

believes in Transparency, Honesty and High Ethical behavior, which separates IndianMoney.com

from most of its competitors. IndianMoney.com team carries the rich experience of its team

members involved in different financial and technology services industry for years.

IndianMoney.com has a dedicated team of writers who are passionate about sharing their

experience and knowledge with the readers.

Vision:

Vision of IndianMoney.com is to be the most preferred admired and trusted financial portals in

India and emerge as the leader in the business segment by providing broad range of investments

and financial planning advisory services in the coming 5 years.

Mission:

Mission of IndianMoney.com is to be a leader in investment advisory by developing and delivering

high quality and reliable services to cater to the needs of its stakeholders.


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Executive Team:

Mr. C.S.Sudheer - Founder & MD

Mr. C.S.Sudheer is the CEO of IndianMoney.com. He has led the emergence of IndianMoney.com

by executing the long term strategies and sketching direction for the companys growth. Prior to

his current role, Mr. Sudheer served as the Regional Head of Howden India. He started his career

with ICICI Prudential Life Insurance and later on moved to Howden India. In the year 2008 he

founded Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to

build a nation that is financially literate with investment savvy citizens.

Mr. Rahul Singh - Director

Mr. Rahul Singh is the COO of IndianMoney.com. He leads the company's business operations and

executes IndianMoney.com's business strategy ensuring operational excellence. He worked as a

developer and a project lead at Support Soft India, a small software firm, where he was

instrumental in establishing a critical product vertical within the firm. He also spent two years at

Infosys. He also worked as a Business Strategy intern at Wetpaint.com Inc. in Seattle and gained

significant experience in managing strategy and operations at a start-up. Mr. Rahul Singh is a

B.Tech (Electronics) fom IIT Roorkee. He did his MBA from Kelly School of Business, Indiana

University in 2008.

Mr.Ravindra Krishnappa - Director

With over two decades of industry experience, Ravindra Krishnappa is an expert in global ERP

Management and implementations. He has to his credit, being one of the founding members of

Inatech Infosolutions (a subsidiary of Calsoft). Prior to Inatech, he was the founding partner of

EWI Business Consulting which was later acquired by Oracle and later went on to be called Oracle

SSI. Ravindra has spent many years outside of India working with various organizations and offers


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Union Budget :

Meaning of Union Budget

A budget is a financial document used to project future income and expenses. The budgeting

process may be carried out by individuals or by companies to estimate whether the

person/company can continue to operate with its projected income and expenses.

The Union Budget of India, referred to as the annual Financial Statement in Article 112 of

the Constitution of India, is the annual budget of the Republic of India, presented each year on the

last working day of February by the Finance Minister of India in Parliament. The budget has to bepassed by the House before it can come into effect on April 1, the start of India's financial year.

Former Finance Minister Morarji Desai presented the budget ten times, the most by any.

The Union Budget of India for 2012 - 2013 was presented by Pranab Mukherjee, the Finance

Minister of India on 16th March 2012, this was the 7th budget of his career . These budgetaryproposals would be applicable from 1 April 2012 to 31 March 2013.

History of Budget in India

India's Budget - India's public finance system follows the British pattern. The Indian constitution

establishes the supremacy of the bicameral Parliament--specifically the Lok Sabha (House of the

People)--in financial matters. No central government taxes are levied and no government

expenditure from public funds disbursed without an act of Parliament, which also scrutinizes and

audits all government accounts to ensure that expenditures are legally authorized and properly

spent. Proposals for taxation or expenditures, however, may be initiated only within the Council ofMinisters--specifically by the minister of finance. The minister of finance is required to submit to

Parliament, usually on the last day of February, a financial statement detailing the estimated

receipts and expenditures of the central government for the forthcoming fiscal year and a financial

review of the current fiscal year.

The Lok Sabha has one month to review and modify the government's budget proposals. If by

April 1, the beginning of the fiscal year, the parliamentary discussion of the budget has not been

completed, the budget as proposed by the minister of finance goes into effect, subject to retroactivemodifications after the parliamentary review. On completion of its budget discussions, the Lok

Sabha passes the annual appropriations act, authorizing the executive to spend money, and thefinance act, authorizing the executive to impose and collect taxes. Supplemental requests for fundsare presented during the course of the fiscal year to cover emergencies, such as war or other

catastrophes. The bills are forwarded to the Rajya Sabha (Council of States--the upper house of

Parliament) for comment. The Lok Sabha, however, is not bound by the comments, and the RajyaSabha cannot delay passage of money bills. When signed by the president, the bills become law.

The Lok Sabha cannot increase the request for funds submitted by the executive, nor can it

authorize new expenditures. Taxes passed by Parliament may be retroactive.


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India's first Finance Minister Sir R.K. Shanmugham Chetty, presented the first Finance Budget of

independent India on November 26, 1947. Since then, 28 different Union Finance Ministers havebeen presenting the budget year after year. Initially, major attention was paid towards the

agriculture sector but as the economy evolved, the focus shifted from agriculture to other sectors

like industrial, financial etc.

During the early the fifties, Indian budget highlights revolved around the public sector and public

finance and hence, back then - taxation, inflation, public savings etc were much talked abouttopics. This trend continued till the finance budget 1985-86.

The change in the approach began with Mr. Manmohan Singh who served as the Union Finance

Minister under the leadership of Mr. P.V. Narsimha Rao. Mr. Singh was instrumental in headstarting the new phase of economic liberalization. He reduced the control of Government over

public sector units through disinvestment. The liberalization process which he started years back is

still followed and is seen in interim budget and Indian budget announcements every year. This year

also live union budget 2011 will be announced by Pranab Mukherjee.

Documents

UNION BUDGET%282012%29Swati Midterm Report