Budget 2022: How the Union Budget 2022-23 is Prepared and Presented?

The countdown for Union Budget 2022-23 has begun. The Finance Minister, Smt. Nirmala Sitharaman will present her fourth Budget in the Parliament on February 1, 2022. Traditionally, the Finance Ministers reached the Parliament with a leather briefcase containing the Budget Documents. However, Smt. Nirmala Sitharaman broke this tradition by carrying the Budget in a Bahi-Khata (a ledger wrapped in red cloth).

Taxmann’s Budget 2022-23 is an imprint edition of the Union Budget, as presented by the Finance Minister in the Parliament. It covers everything you need to decipher the changes proposed by the Finance Bill, 2022. It consists of Budget Highlights, the Finance Minister’s Speech, the Finance Bill, the Memorandum Explaining the Provisions of the Finance Bill, and the Notes on Clauses.
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Due to the COVID-19 pandemic, the Finance Minister had not carried the Bhai-Khata last year. This was the first time in the history of independent India that Union Budget documents were not printed. Considering the current COVID situation in the country, it is possible that Budget documents will not be printed this year too, and the Union Budget 2022 will also be a paperless budget.

However, you can buy an imprint edition of the Taxmann’s Union Budget 2022-23 from Taxmann.com or a bookseller. Taxmann, a leading tax and corporate law publisher, has been publishing the Union Budget since 1970. The imprint edition of the Union Budget contains the following documents:

1. Budget Speech

The Budget speech, delivered by the Finance Minister, has two sections — Parts A and B.

Part A of the Budget speech provides an overview of the prevailing economic situation of the country and is more concerned about the macro aspect of the economy. It provides a broad framework of taxes collected, expenditures incurred for different sectors, introduces new schemes, and explains the government’s priorities and focus areas.

Part B of the Budget speech highlights the government’s tax proposals for the next financial year, and it has a direct bearing on the personal finance of citizens. A reader can understand the provisions of the Finance Bill by going through the attached Memorandum of Explanations, which gives a broad background of changes.

2. Finance Bill

At the time of presentation of the Annual Financial Statement before the Parliament, a Finance Bill is also presented in fulfilment of the requirement of Article 110(1)(a) of the Constitution, detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the Union Budget.

3. Memorandum Explaining the Provisions in the Finance Bill

The provisions and their implications are explained in the document titled Memorandum Explaining the Provisions in the Finance Bill to understand the taxation proposals better.

This year on buying the Taxmann’s Union Budget 2022-23, you also get free access to:

1. Budget Guide 2022-23 | A Comprehensive Commentary on proposed provisions of Finance Bill, 2022

(a) Consisting of a clause-by-clause detailed analysis & covering all amendments

(b) Also covering the following:

• • • • • Examples to under complex provisions
        • Table of ‘List of Amendments’
        • Tax Rates applicable for A.Y. 2023-24
        • Charts & Tables to have an overview of the provisions

2. 30 days free trial access to Taxmann.com’s Practice | A unique blend of Tax and Technology that works as

• • • • • YOUR | Customised as per your needs
        • VIRTUAL | Power of artificial intelligence in your click
        • LEGAL | Covering every aspect of the Income-tax Act
        • ADVISOR | Guiding you & answering your queries, instantly

3. Budget Marathon | Series of Webinar on the Union Budget 2022-23

(a) Threadbare Detailed & Comprehensive Analysis

(b) 10 Experts | 10 Sessions | 360 Minutes

(c) Discussion on the Union Budget 2022 Proposals, which consists of the following:

• • • • • Start-ups
        • Personal & Corporate Taxation
        • Capital Gains
        • TDS & TCS Provisions
        • Mergers & Acquisitions
        • Corporate Laws
        • Charitable & Religious Trusts
        • International Tax & Transfer Pricing
        • GST & Customs Law
        • Assessment & Appeals

Check out Budget Marathon | Taxmann's one-of-a-kind Webinar for the Union Budget 2022-23