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What is Union Budget ?
How it impacts CA CMA CS Exams?
Budget is an estimate of expenditure and income by Govt every financial year (1st April - 31st march of next year)
Budget is divided into 2 parts:
1. Financial proposals ( which areas govt wants to spend)
2. Tax Amendments
Tax ( both direct & indirect taxes) amendments are passed through a finance act which are incorporated in income tax laws , GST laws , others etc
Let's take an example
In 2022, Finance act 2022 will be passed!
It will be incorporated in income tax act, GST laws etc!
So it will be for :
In income tax , PY 2022-23 Or AY 2023-24
In GST, For FY 2022-23
How it is applied in our course?
Check the TERM "AY 2023-24"
This will be applicable
For May / June 2023 exams
And Nov/ Dec 2023 exams
Many are wondering why there are some extra amendments for dec exams
Because apart from budget Or finance act , in the midst of FY 2022-23
govt will also pass some new tax amendment acts, issue various notifications, circulars etc which are applicable for next year nov/Dec 2023 exams along with budget amendments
Then whether state govt budget affects our exams?
No, these are all india level courses , when you appear state level accounting taxation services exams, there will be applicable .
Thanks